Short Sale Friendly Tax Laws Extended

Good News for the New Year

Happy New Year! Besides it being a new year,  what else is new and affects you?


“The “fiscal cliff bill” passed by Congress on January 1 included a provision to exclude borrowers from paying taxes on debt forgiven through a short sale, foreclosure, or loan modification. Known as the Mortgage Debt Relief Act of 2007, the act was scheduled to expire December 31, 2012, but received an extension for another year.

Why is this important for you?  Well, if you are a move-up Seller/Buyer, this means there will be additional short sale homes to purchase. Also, most importantly, If you are having difficulty maintaining a current mortgage, this means that the current laws in place to protect you from taxes and deficiency judgement will remain in place through 2013. If you are considering a short sale, consider it now.  It takes about 6 months to complete from start to finish in most cases.  For other insights on the real estate market please contact me. I’m always happy to hear from you and am eager to help.  May this be the best year ever for you and your family!  

 

Call me for more details. Natalie Swanson 925-580-9829

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About the Author Bill

I help small businesses be more successful.

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