Distressed Options for Homeowners in California

If you have found yourself falling behind in your mortgage and debt obligations, you aren’t alone.   With the loss of jobs and declining home values and the current economy, homeowners like you are forced to consider options that were unthinkable a few years ago.

The US Department of Housing and Urban Development (HUD) has established a hotline to assist homeowners who are facing a hardship.  You can contact HUD at their toll free number 1-877-483-1515 to find out what options are available to you:

1)      Loan Modification

2)      Short Sale

3)      Foreclosure

To learn more about the tax consequences of a short sale versus a foreclosure, you can visit the IRS web site at www.irs.gov.  Before executing any of these options, consult with a certified public accountant or tax attorney.

Governor Schwarzenegger has instituted a statewide, 90-day halt on foreclosure proceedings for each owner-occupied home subject to a first mortgage on which a Notice of Default has already been file.

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