The Mortgage Forgivness Debt Relief Act is set to expire 12/31/2012, there is only 6 more months left to successfully close a short sale and still be eligible for relief! If it closes  January 1, 2013 or later you will not be eligible for the tax relief. Some transactions still take up to six months or more to complete, don't let anyone tell you there is still time or they will extend it again. Yes they are working on a bill right now but nothing is guaranteed. There are so many issues that can prolong a short sale transaction past six months it depends on your lender, the investor, is there MI? your Realtor and the buyer of your property. We have seen time and time again buyers submitting multiple offers on short sales knowing they will buy the first one that gets approved. What happens if that happens to be your home when your short sale has been buyer specific approved? You need to find a new qualified buyer, time adds up quickly on these transactions, there are so many moving parts!

Contact us for further details, we have a proven track record with references. Visit our website it's full of information regarding short sales, the short sale process, other alternatives to a short sale, and information on the HAFA program. Go to wwwSoCalPreForeclosureSpecialists.com