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Short sales: short sales assistance may be available for your client.

With many people facing financial difficulties, distressed homeowners are trying to sell their homes for less than the loan balance in short sales. Sometimes, during these transactions, there may not be enough funds in escrow accounts to pay our recorded state tax lien in full. If this happens, the FTB may be able to assist the taxpayer with a Partial Release of Lien.

A Partial Release of Lien releases a specific piece of property from a recorded state tax lien. However, it does not release the lien in its entirety. The lien remains in effect against the taxpayer and continues to encumber other property the taxpayer owns or acquires in the future. The FTB estimates it can take up to 21 working days due to process due to increased requests.

Learn more at www.calcpa.org/ShortSales.
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Title Annotation:FTBNEWS
Publication:California CPA
Date:Sep 1, 2011
Words:137
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