california recourse debt purchase money

Foreclosures and the next wave: taxes due on canceled debt ...
The type and treatment of the gain will depend on whether the mortgage is considered non-recourse or recourse debt. In California, purchase money mortgages, .
http://www.ftb.ca.gov/professionals/taxnews/2007/1007/1007_3.shtml

Foreclosure and Short Sales | California Franchise Tax Board
A purchase money loan (that is, a loan taken to “purchase” your home) is generally considered to be a non-recourse loan in California. Refinances, second .
http://www.ftb.ca.gov/professionals/taxnews/2009/July/Article_9.shtml

Taxing Advice: Recourse v. Non-Recourse Debt in California
Apr 25, 2011 . A note can be non-recourse if the contract that creates the debt indicates that it is a non-recourse note. Purchase money notes in California are .
http://taxingadvice.blogspot.com/2011/04/recourse-v-non-recourse-debt-in.html

In California how can you determine whether your mortgage loan is ...
"The big mistake homeowners make is turning a "non-recourse" second loan into a "recourse" loan by . In California purchase money loans made on your home ( note: not second home or . What is the difference between credit and debt?
http://wiki.answers.com/Q/In_California_how_can_you_determine_whether_your_mortgage_loan_is_a_non_recourse_loan_or_a_recourse_loan

Cancellation of non-recourse debt = not included as income in tax ?
Jul 27, 2011 . I just read the following on IRS website : However, if the debt is . If they are like CA, however, all purchase money loans are non-recourse, .
http://www.loansafe.org/forum/foreclosure-laws/42205-cancellation-non-recourse-debt-not-included-income-tax.html

Pleasanton, California Real Estate Attorney :: Mortgage Issues ...
Changing Non-Recourse Debt into Recourse Debt. Refinanced loans and home equity lines of credit obtained after purchase are not purchase money .
http://www.ssrplaw.com/lawyer-attorney-1285834.html

The Coming Tax Nightmare Over Forgiven Mortgage Debt in California
Feb 24, 2010 . The type and treatment of the gain will depend on whether the mortgage is considered non-recourse or recourse debt. In California, purchase .
http://www.irvinehousingblog.com/blog/comments/the-coming-tax-nightmare-over-forgiven-mortgage-debt-in-california

Real Estate Short Sale vs. Foreclosure Tax Consequences
Feb 13, 2012 . California has adopted Senate Bill 458, which gives superior . Most non- recourse debt for a residence is purchase-money debt, and would not .
http://www.realestateinvestingtax.com/shortsale.shtml

Non-Recourse Purchase Money Loans in California - Searchlight ...
Sep 9, 2011 . Yes, it is true that purchase money loans are largely non recourse in California. However, I do not agree that there is no financial consequence.
http://www.searchlightcrusade.net/2011/09/nonrecourse_purchase_money_loa_1.html

California Short Sale Anti-deficiency Law – Will Other States Follow ...
Nov 18, 2010 . This only applies to recourse debt, not nonrecourse. Hence, residential purchase money secured loans are always nonrecourse in California at .
http://www.californiashortsalelawyer.com/2010/11/california-short-sale-anti-deficiency-law/

California Recourse Loan
California recourse loan | Get information on California recourse loans. . In California purchase money loans made on your home (note: not second home or . Mortgage Forgiveness Debt Relief Act and its California counterpart apply in the .
http://www.bills.com/california-recourse-loan/

What Is a Recourse Purchase Money Loan? | eHow.com
Purchase money loans are a form of seller-financing used in real estate. . In California, a "piggy-back" loan is non-recourse when it is issued, but . The Internal Revenue Service treats recourse and nonrecourse debts somewhat differently.
http://www.ehow.com/about_7284713_recourse-purchase-money-loan_.html

Non-Recourse and Recourse States List
It depends on whether you live in a recourse or non-recourse state. . In many states, non-purchase money second mortgages (such as HELOCS) are recourse loans. . Alaska (AK); Arizona (AZ); California (CA); Connecticut (CT); Idaho (ID); Minnesota . We are a Designated Debt Relief Agency under Federal Law and We .
http://www.forecloseddreams.com/recourse_states

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TaxAlmanac - A free online tax research resource and community ...
Jan 31, 2011 . Box 5 is asking if this debtor is personally liable or not...recourse vs. nonrecourse. . under California law are either purchase money mortgages for the . never occupied by the borrower, is recourse debt under California law .
http://www.taxalmanac.org/index.php/Discussion:CA_State_Foreclosure_and_Form_1099-A

Bronston - Law Offices of Edythe L. Bronston - Sherman Oaks, CA
Deficiency judgments are impermissible in the case of (a) purchase-money secured debts, where money is lent by the seller to the purchaser for purchase of the .
http://www.bronstonlaw.com/emergingissues.htm

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How to treat a short sale for tax purposes - Avvo.com
Non-recourse means that the borrower is not personally liable for the debt. Purchase money loans as described above are non-recourse in California.
http://www.avvo.com/legal-guides/ugc/how-to-treat-a-short-sale-for-tax-purposes