On-Demand   On-Demand Web Programs

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

Released on: Oct. 24, 2012
Running Time: 03:15:38

This program has expired for credit in many states. Please check the credit calculator on the right. No certificate will be issued if credit has expired in your state.

This training will help improve your ability to counsel homeowners in financial distress.  The training 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 provide insights into changes in tax law that may take effect as early as next year.  Practitioners will discuss what types of personal liability homeowners may still face following a foreclosure, short sale or deed-in-lieu, and will use case examples to illustrate the credit impact of various forms of mortgage delinquency resolution.  Panelists will also outline legal strategies for addressing these issues through bankruptcy, fair debt collections and fair credit reporting claims.

Lecture Topics  [Total time 03:15:38]

Segments with an asterisk (*) are available only with the purchase of the entire program.

  • Program Overview and Introductions* [00:07:38]
    Lisa Sitkin
  • Post-Foreclosure Liability for Mortgage Debts [01:04:55]
    Adetunji Olude, Lisa Sitkin
  • Tax Consequences of Cancelled Mortgage Debt [01:02:10]
    Lila Fedler, Lisa Ihm
  • Credit Consequences of Foreclosures, Short Sales and Loan Modification [01:00:55]
    Maeve Elise Brown, Lisa Sitkin

Presentation Material

  • Post-Foreclosure Liability for Mortgage Debts (Power Point Slides)
    Adetunji Olude, Lisa Sitkin
  • Scenarios for Assessing Potential Deficiency Liability
    Adetunji Olude, Lisa Sitkin
  • California’s Anti-Deficiency Statutes
    Adetunji Olude, Lisa Sitkin
  • Order Denying Defendants’ Motions to Dismiss First Amended Class Action Complaint, Mercedes Herrera v. LCS Financial Services Corporation and Ocwen Loan Servicing LLC, United States District Court for the Northern District of California (2009)
    Adetunji Olude, Lisa Sitkin
  • Tax Consequences of Cancelled Mortgage Debt (Power Point Slides)
    Lila Fedler, Lisa Ihm
  • Tax Consequences of Cancelled Mortgage Debt Materials
    Lila Fedler, Lisa Ihm
  • Franchise Tax Board Articles
    Lila Fedler, Lisa Ihm
  • Credit Consequences of Foreclosures, Short Sales and Loan Modification (Power Point Slides)
    Maeve Elise Brown, Lisa Sitkin
Maeve Elise Brown ~ Executive Director, Housing and Economic Rights Advocates
Lila Fedler ~ Education & Outreach Program Specialist, State of California Franchise Tax Board
Lisa Ihm ~ Enrolled Agent
Adetunji Olude ~ Staff Attorney, Housing and Economic Rights Advocates
Lisa Sitkin ~ Managing Attorney, Housing and Economic Rights Advocates

PLI makes every effort to accredit its On-Demand Web Programs and Segments.  Please check the Credit Information box to the right of each product description for credit information specific to your state.

Have credit questions? Visit PLI's Credit FAQ page.

On-Demand Web Programs and Segments
 are approved in:

Alabama1, Alaska, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho*, Illinois , Iowa2*, Kansas, Kentucky*, Louisiana, Maine*, Mississippi, Missouri3, Montana, Nebraska, Nevada, New Hampshire4, New Jersey, New Mexico5, New York6,  North Carolina7, North Dakota, Ohio8, Oklahoma9, Oregon*, Pennsylvania10, Rhode Island11, South Carolina, Tennessee12, Texas, Utah, Vermont, Virginia13, Washington, West Virginia, Wisconsin14 and Wyoming*.

Iowa, Mississippi, Oklahoma, and Wisconsin DO NOT approve Audio Only On-Demand Web Programs.

Please Note: The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. PLI programs may qualify for credit based on the requirements outlined in the MCLE Regulations and Ariz. R. Sup. Ct. Rule 45.

*PLI will apply for credit upon request. Louisiana and New Hampshire: PLI will apply for credit upon request for audio-only on-demand web programs.

1Alabama: Approval of all web based programs is limited to a maximum of 6.0 credits.


2Iowa:  The approval is for one year from recorded date. Does not approve of Audio-only On-Demand Webcasts.

3Missouri:  On-demand web programs are restricted to six hours of self-study credit per year.  Self-study may not be used to satisfy the ethics requirements.  Self-study can not be used for carryover credit.


4New Hamphsire:  The approval is for three years from recorded date.

5New Mexico:  On-Demand web programs are restricted to 4.0 self-study credits per year. 

6New York:  Newly admitted attorneys may not take non-traditional course formats such as on-demand Web Programs or live Webcasts for CLE credit. Newly admitted attorneys not practicing law in the United States, however, may earn 12 transitional credits in non-traditional formats. 

7North Carolina:  A maximum of 4 credits per reporting period may be earned by participating in on-demand web programs. 

8Ohio:  To confirm that the web program has been approved, please refer to the list of Ohio’s Approved Self Study Activities at http://www.sconet.state.oh.us.  Online programs are considered self-study.  Ohio attorneys have a 6 credit self-study limit per compliance period.  The Ohio CLE Board states that attorneys must have a 100% success rate in clicking on timestamps to receive ANY CLE credit for an online program.

9Oklahoma:  Up to 6 credits may be earned each year through computer-based or technology-based legal education programs.

10Pennsylvania:  PA attorneys may only receive a maximum of four (4) hours of distance learning credit per compliance period. All distance learning programs must be a minimum of 1 full hour.

11Rhode Island:  Audio Only On-Demand Web Programs are not approved for credit.  On-Demand Web Programs must have an audio and video component.

12Tennessee:  The approval is for the calendar year in which the live program was presented.

13Virginia: All distance learning courses are to be done in an educational setting, free from distractions.

14Wisconsin: Ethics credit is not allowed.  The ethics portion of the program will be approved for general credit.  There is a 10 credit limit for on-demand web programs during every 2-year reporting period.  Does not approve of Audio-only On-Demand Webcasts.

Running time and CLE credit hours are not necessarily the same. Please be aware that many states do not permit credit for luncheon and keynote speakers.

If you have already received credit for attending some or the entire program, please be aware that state administrators do not permit you to accrue additional credit for repeat viewing even if an additional credit certificate is subsequently issued.

Note that some states limit the number of credit hours attorneys may claim for online CLE activities, and state rules vary with regard to whether online CLE activities qualify for participatory or self-study credits. For more information, call Customer Service (800) 260-4PLI (4754) or e-mail info@pli.edu.

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