A state lawmaker is introducing a bill to help struggling homeowners. The bill would waive state tax penalties on early withdrawals from retirement accounts when the money is used to bring a delinquent loan current and avoid foreclosure. Assemblyman Chris Holden, of Pasadena, says more and more people are taking money from their retirement accounts to pay their mortgages. Doing so, can result in a ten-percent federal tax penalty and two-and-a-half percent state penalty.
Bill Would Help Struggling Homeowners
January 18, 2013 · 6:34 am