CALIFORNIA \u2014 Hundreds of new California laws effectively went on the books Jan. 1, targeting everything from home ownership to property violations and Internet policing to stricter medical marijuana rules. Among the new laws with wide-ranging impact is one affecting the real estate industry. In certain cases, if a borrower \u2014 with the consent of a lender \u2014 sells a property for less than the remaining debt on the loan, the borrower must accept the sale as full payment. However, according to real estate lawyer and consultant Herman Thompson “the bar is still on the hook” since the forgiven debt \u2014 that is, money the borrower would have had to pay \u2014 could be considered income. “It\u2019s taxable income but they can get it excused if they file for bankruptcy or they can prove they were financially insolvent at the time of the foreclosure,” Thompson said. Thompson some homeowners who find themselves in the middle of a bad situation might be better off to just walk away. “Yeah, your credit is going to go bad, but you can make it good again in about three to five years and you save,” Thompson said. Hundreds of provisions affecting the mortgage industry have come into play partly because of the housing crisis that started in 2008 \u2014 a meltdown situation that brought a flood of foreclosures in recent years. The housing crisis is yet to even out despite a slowly recovering market. Thompson said he expects even more foreclosures in coming years because some mortgage payments are set to balloon in 2012. The good news is that San Diego is just about number one in the U.S. in terms of recovery, according to Patrick Park, president and CEO of Prudential Dunn Realtors in Pacific Beach. “[But] I think the people working for the Internal Revenue Service are going to be really busy for the next few years,” Park said. Here are some other notable new laws or changes to existing laws that took effect Jan. 1: \u2022 Property:<\/b> local governments must now give owners of vacant, foreclosed properties a chance to fix possible maintenance violations before imposing a fine or penalty \u2014 except in health emergencies. \u2022 Cyber bullying:<\/b> It will now be a misdemeanor to impersonate another person on the Internet with the intent to harm the victim. \u2022 Child sex abuse:<\/b> A new law allows for quicker identification of sex offenders in child-abduction cases; investigators must provide a list of sex offenders in a given area within two hours of a reported abduction. \u2022 Medical marijuana:<\/b> collective dispensaries cannot be located within 600 feet of a school. To view the full 55-page list of new California laws, visit the state\u2019s website at www.leginfo.ca.gov\/.<\/i><\/p>","protected":false},"excerpt":{"rendered":"
CALIFORNIA \u2014 Hundreds of new California laws effectively went on the books Jan. 1, targeting everything from home ownership to property violations and Internet policing to stricter medical marijuana rules. Among the new laws with wide-ranging impact is one affecting the real estate industry. In certain cases, if a borrower \u2014 with the consent of […]<\/p>","protected":false},"author":726,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"California\u2019s new laws give break to borrowers, crack down on Internet bullies","_seopress_titles_desc":"","_seopress_robots_index":"","jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[11600],"tags":[],"class_list":["post-296538","post","type-post","status-publish","format-standard","hentry","category-sdnews"],"_links":{"self":[{"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/posts\/296538","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/users\/726"}],"replies":[{"embeddable":true,"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/comments?post=296538"}],"version-history":[{"count":0,"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/posts\/296538\/revisions"}],"wp:attachment":[{"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/media?parent=296538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/categories?post=296538"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/tags?post=296538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}