The Tax Professionals Blog — boxer

IRS Reneges On Prior CA Short Sale Guidance

Posted by Lee Reams II on

Background: As you all should know Sec 580b of the California Code of Civil Procedure (CCP) provides that no deficiency shall be owed or collected, and no deficiency judgment shall be awarded, with regard to a purchase money trust deed on a dwelling for not more than four families given to a lender to secure repayment of a loan that was used to pay all or part of the purchase price of that dwelling, occupied entirely or in part by the purchaser.

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