San Jose Short Sale Agent Recommends Signing Petition to Extend Mortgage Debt Forgiveness Act
Thank you Pacita Dimacali, Oakland Realtor for bringing the Petition to extent the Mortgage Debt Forgiveness Act of 2007 to our attention. While I cannot imagine this will not be extended for several years, we don’t want to take a chance by not signing the petition.
The San Jose real estate market is relatively stable now. We risk seeing another crash if homeowners are not given the help they need. I recommend signing the petition.
Please visit Pacita’s post to comment. Thank you!
Courtesy of Kathleen Daniels, Broker – 800-972-1822
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Petition to extend Mortgage Debt Forgiveness Act
As many of us may already know, the Mortgage Debt Forgiveness Act of 2007 is expiring December 31 2012. However, we also know that we expect more property owners will explore going through a short sale. But will they have enough time? Will the lenders act quicker to approve/reject/counter short sale applications?According to the IRS, "The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief."
Will it help to sign a petition to extend?
If you’re one of those in favor of an extension, consider signing this petition
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