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Debt Management

Many families are faced with overwhelming debt, from student loans, to credit card debit to high interest mortgages.

Use the following resources to learn how to manage your debt, avoid foreclosure and work with lenders to set up a solid financial future. When dealing with overwhelming debt, make sure you know the different laws and other programs in place to protect you and your family, and avoid fraud.  

Topics

Mortgage Basics

The key in choosing a loan that best fits your needs is to evaluate your finances and choose the best type of loan that fits your budget and your long- or short-term investment strategy.  This site is to inform readers about the most common loan types available and to map out the pros and cons.

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Home Foreclosure, Taxes and Debt Collection

Information about the 2007 debt forgiveness that generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualify for this relief. 

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What is a Foreclosure and How is a Foreclosure done in California?

In California, lenders can foreclose on deeds of trust or mortgages using a nonjudicial foreclosure process (outside of court) or a judicial foreclosure process (through the courts). The nonjudicial foreclosure process is used most commonly in our state.....................................

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California Civil Code Section 2920 - 2944.7 (California Law on Mortgages and Foreclosures)

2922.  A mortgage can be created, renewed, or extended, only by writing, executed with the formalities required in the case of a grant of real property.............

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CALIFORNIA HOME OWNERS BILL OF RIGHTS

The California Homeowner Bill of Rights became law on January 1, 2013 to ensure fair lending and borrowing practices for California homeowners..................

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IRS on the Tax Implications of Debt Forgiveness.

If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes, depending on the circumstances. When you borrowed the money you were not required to include the loan proceeds in income because you had an obligation to repay the lender. When that obligation is subsequently forgiven, the amount you received as loan proceeds is reportable as income because you no longer have an obligation to repay the lender..........................

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IRS letter to the United States Senate explaining tax implication of debt forgiveness

This letter clarifies our previous letter to you dated September 19, 2013, which addressed the question of whether a California homeowner would have taxable cancellation of indebtedness income on a lender-approved short sale.......................

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