Behind on your Mortgage Payments? What are your Alternatives Santa Clarita?

There is alot to understand about this program and many aspects of it are likely to change. As Santa Clarita's Certified Distressed Property Experts we pay close attention to the changes as they happen, so that you can get the most relevant, current information, and the best possible service. If you would like to find out more about HAMP or HAFA programs, or someone you know needs assistance in avoiding foreclosure, please don't hesitate to call us we are here to help.

You can also request other FREE reports for the following information:

-Foreclosure vs. Short Sale
-7 Short Sale Myths
-The Truth About Mortgage Modifications
-Short Sale & Deed-In-Lieu
-Your First Steps To Avoid Foreclosure
-Strategic Defaults are NOT Strategic
-Avoiding Mortgage Modification Fraud
-Government Program Surveys
-Options and Solutions

Go to: www.SantaClaritaPreForeclosureSpecialists.com click on the resources tab then simply choose the report and it will be emailed to you promptly. This is for homeowners only please.

NO MORE CA STATE TAX ON FORGIVEN DEBT, California Senate Bill 401 Enacted into Law April 12, 2010

Distressed homeowners no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification. Enacted into law yesterday, Senate Bill 401 generally aligns California's tax treatment of mortgage debt relief income with federal law. For debt forgiven on a loan secured by a "qualified principal residence," borrowers will now be exempt from both federal and state income tax consequences. The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption is for indebtedness up to $800,000 and forgiven debt up to $500,000.

"Qualified principal residence" indebtedness is defined as debt incurred in acquiring, constructing, or substantially improving a principal residence. It includes both first and second trust deeds. It also includes a refinance loan to the extent the funds were used to payoff a previous loan that would have qualified.

The tax breaks apply to debts discharged from 2009 through 2012. Californians who have already filed their 2009 tax returns may claim the exemption by filing a Form 540X amendment.

Great steps are being taken to help homeowners truly rocked by financial hardships. On April 5th 2010 HAFA has begun to be implimented by participating servicers/lenders. This is another example of a step taken in the right direction. I was recently on a webinar with Matt Vernon and Dave Sunland of BofA, where we received training on BofA's participation in , "HAFA" and the progress being made to the equator system.

If your struggling don't wait till it gets really bad, take a proactive approach, it's it time you did something about your financial situation. Jennifer and I are here to show which programs you may quailify for, whether its keeping you in your house with a HAMP MHA Loan Mod, or a HAFA approved short sale.

Jennifer and I provide free consultations in an effort to ensure you make an informed decision. For more information on HAFA go to the HOME page of our Foreclosure Avoidance Website www.SantaClaritaPreForeclosureSpecialists.com to see which program you may quailify for. Click on the Government Programs Eligibilty link in the upper right corner of the page.