Administrative/Regulatory
Aug. 21, 2013
Unintended consequences in amended anti-deficiency statutes
The wording of the amended statutes may mean that debtors will face new and unanticipated federal and state tax liability due to the problem of "phantom income." By Gregory Strausberg
The Legislature recently amended California Code of Civil Procedure Sections 580b and 580d (the "anti-deficiency statutes") to state that certain obligations secured by deeds of trust are "not owed." The Legislature intended this legislation to provide borrowers with protection against deficiency liability. Unfortunately, the wording of the amended statutes may mean that debtors will face new and unanticipated federal and...
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