To: President Donald Trump, The California State House, The California State Senate, Governor Gavin Newsom, The United States House of Representatives, and The United States Senate
Homeowner Protection
Extend Homeowners Protections by extending SB401, SB458, SB 931 and the Federal Mortgage Debt Relief Act of 2007.
Why is this important?
Seeking to extend Debt and Tax Forgiveness legislation to help protect homeowners attempting to modify or settle on existing home loans or through the Short sale or foreclosure processes. Many of these protections, both Federal and State are set to expire at the end of 2012. Allowing this to happen with only extend the recession and keep the Real Estate market deflated and stagnant. There are an enormous number of people in this country who are still caught up in underwater properties and our economic recession will not improve until something more is done and allowing these to expire will most certainly have a negative affect on any recovery. This legislation makes it more feasible for homeowners facing tough decisions to attempt to work with lenders to find acceptable terms and protects the homeowner from unfair and often unknown tax liabilities when trying to better their economic situation caused by the Real Estate collapse.
My wife and I own a severely underwater property in Ventura, California and are seeking to modify our loans or possibly obtain a Principal Reduction on the first and/or a settlement on the Second so we can stay in the home we love. I was laid off from a job in the Architectural community almost three years ago so my income dropped by roughly 75% and we have been struggling to make or mortgage payments ever since then.
If we are able to get a principle reduction (after 2012) we will face a Tax liability from the Government (in the form of a 1099) which seems like adding insult to injury as we have been so negatively affected by the role the banks played in this collapse and our household income was so drastically reduced. We are left with few options other than short sale or foreclosure, however if the Legislation is not extended we face the ominous threat of a civil action to attempt to collect after that process as well. It is nearly a no win situation for homeowners like us if we allow these protections to expire. Everyone who owns a property is affected if we allow this trend to continue. The Real Estate market affects the entire economy, regardless of if you are underwater on a property or not; this affects your homes value.
My wife and I own a severely underwater property in Ventura, California and are seeking to modify our loans or possibly obtain a Principal Reduction on the first and/or a settlement on the Second so we can stay in the home we love. I was laid off from a job in the Architectural community almost three years ago so my income dropped by roughly 75% and we have been struggling to make or mortgage payments ever since then.
If we are able to get a principle reduction (after 2012) we will face a Tax liability from the Government (in the form of a 1099) which seems like adding insult to injury as we have been so negatively affected by the role the banks played in this collapse and our household income was so drastically reduced. We are left with few options other than short sale or foreclosure, however if the Legislation is not extended we face the ominous threat of a civil action to attempt to collect after that process as well. It is nearly a no win situation for homeowners like us if we allow these protections to expire. Everyone who owns a property is affected if we allow this trend to continue. The Real Estate market affects the entire economy, regardless of if you are underwater on a property or not; this affects your homes value.