Are you wondering if 2012 is the time to do a short sale in Palm Beach County home? That really is a great question especially if you can benefit from The Mortgage Debt Relief Act of 2007. As Palm Beach County Short sale experts, we want you to have all of the information. So what do you need to know. The most important thing to know is that the term ran through 2012. Yes I said 2012. So then what? We can only guess. We hope it will be extended however what we know is that it is scheduled to expire.
Let’s cover the basics. The Mortgage Debt Relief Act 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 or short sale, qualifies for the relief.
This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately).
So what now? Let The Treu Group, your short sale agents in Palm Beach County, help you avoid foreclosure. We have the proven process to help you.
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