Thomas F. Miles, Attorney and Counselor at Law
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September 2012 Archives

Underwater homeowners not looking forward to end of tax break

While California's housing market struggles to come back from the dead, many homeowners are finding themselves with very few options. In an effort to avoid personal bankruptcy, and after unsuccessfully trying to sell their homes, they negotiate with the lenders and decide to do a short sale. Many people end up selling for hundreds of thousands less than what they owe on the home.

Debt collection efforts can sink a career

No one likes to admit they are deeply in debt, and maybe so deep that creditors are getting serious about their collection efforts. In some professions credit troubles can literally end a career, especially in regulated and sensitive industries. People wresting with staggering debt loads or personal bankruptcy have to consider what might happen if their employer finds out. The time to deal with the problem is before the wage garnishment paperwork arrives, not after.

Homeowners receiving mortgage relief may owe taxes soon

Since the recession began several years ago, many homeowners have had difficulty making mortgage payments. Foreclosure rates have increased and left many California homes empty. Usually, if a bank provides debt relief to a homeowner through a foreclosure or a short sale, the homeowner must pay income taxes on the amount of debt forgiven.

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Thomas F. Miles, Attorney and Counselor at Law
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El Cajon, CA 92020

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