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Each month AR runs numerous contests as a way for our members to engage in activities
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Will the Mortgage Forgiveness Debt Relief Act and Debt Cancellation be extended past 2012?
Its likely, but so far there is no guarantee it will happen. A case can be made for the extension as the economy is still struggling to recover and people are still losing their homes that they bought in an over-inflated housing market. According to a recent study, over 30% of homeowners with a mortgage are negative in equity or in other words, they owe more than their home is worth.
Most homeowners who short sale or foreclose are nervous about 3 things:
1- Financial Liability
2- Tax Liability
3- Credit Liability
When it comes to the tax aspect, it can be very scary when you consider that banks issue 1099’s to borrowers after foreclosures as well as short sales. Meaning, if the bank loses $200k, homeowners can expect a 1099 for $200k! Unless the homeowner is exempt, the taxes must be paid. You can try an offer in compromise but if you are not exempt via the MFDRA this could still be very painful. But the catchall that has always helped homeowners is the IRS Form 982. It basically shows that the borrower has more liabilities than assets and is ‘insolvent’ and therefore exempt from paying the tax.
I understand this could generate a lot of revenue for the IRS on paper, but in reality, how many people will be exempt under the ‘form 982 exemption’? How much will it really benefit our nation if folks who are struggling enough to lose their home through a foreclosure or short sale are now paying the last of their dwindling assets in tax and slipping closer to becoming a burden on the system?
I vote for an extension past 2012 of the MFDR Act, at least until foreclosures and short sales show signs of subsiding, how about you?
Chapman Real Estate Group
www.shortsalepipeline.com Mastermind Style Short Sale Consulting for Agents across the nation
(I recently sold my short sale negotiation company where I personally negotiated over 1,500 short sales. Now I help California homeowners buy and sell real estate in my hometown of San Diego California.)
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.