Tax, Credit and Other Financial Consequences of Foreclosures, Short Sales and Mortgage Loan Principal Forgiveness

  • 9:00 AM - 12:30 PM
  • Pacific Time (US & Canada)
  • By: State Bar of California, Office of Legal Services, Housing and Economic Rights Advocates ("HERA")
  • In-person at the PLI San Francisco Conference Center or via Live Webcast
  • Bar Association
  • Seminar
  • Continuing Legal Education Program (CLE)
  • Webinar
  • Pro Bono Program/Legal Services Organization
  • Housing

New Pro Bono Program!

Why You Should Attend:

In collaboration with the State Bar of California, Office of Legal Services and Housing and Economic Rights Advocates ("HERA"), PLI is pleased to announce this important new pro bono housing program! Taught by leading housing litigators and tax specialists, the program will provide an overview of the financial issues - including tax and credit consequences - homeowners may face after a foreclosure, short sale or loan modification.

Tax experts will explain the fundamentals of how cancelled mortgage debt is treated under state and federal tax law, and practitioners will discuss what types of personal liability homeowners may still face following a foreclosure, short sale or deed-in-lieu. The program will use case examples to illustrate the credit impact of various forms of mortgage delinquency resolution, and outline legal strategies for addressing these issues through bankruptcy, fair debt collections and fair credit reporting claims. If you counsel homeowners, this program is a must-see to ensure that you have the most up-to-date information in this fast-changing area of the law.

What You Will Learn:

-The basic types of mortgage delinquency resolution, from loan modification to foreclosure

-How cancellation of mortgage debt income is taxed under state and federal law

-Why we may see changes in the tax law relating to cancellation of mortgage debt starting January 1, 2013, unless Congress and the President act soon

-How to determine if a borrower will still face personal liability for mortgage debts after losing the home

-How foreclosures, short sales and loan modifications impact a borrower's credit score and future ability to buy another home - and how scammers often misrepresent the facts to lure in victims

-Legal strategies for addressing post-foreclosure debt collection and credit reporting errors

Who Should Attend:

Legal aid and private practitioners who work with homeowners in financial distress and want to gain a better understanding of the financial consequences of various options their clients face will benefit from this program, as will consumer law attorneys interested in learning more about post-foreclosure debt collection and fair credit reporting act claims. Attorneys seeking to volunteer with HERA or other foreclosure prevention organizations should also attend this program!

With in-person and live Webcast options available, you can choose the format that is right for you! Sign up today!

Want to attend the program with your colleagues and volunteers but can't make it in person? Schedule a PLI Groupcast to allow group viewing via live or On-Demand Webcast in your office! Contact the Groupcasts Department via email at for more details.

Follow PLI's Pro Bono Law Practice Group on LinkedIn and on Twitter: @ProBonoPLI.

  • Contact:
    Practising Law Institute