Time is Running Out!!Take Advantage of the Mortgage Debt Relief Act

Time is Running Out!! Take Advantage of the Mortgage Debt Relief Act

What is Mortgage Debt Relief Act?Homeowner who received a principal reduction or other forms of forgiveness such as through Short Sale of their primary residences do not have to pay taxes on the amount forgiven. Without the act reduced debt through loan modifications or Short Sales would qualify as an income and homeowners would be responsible to pay taxes on the amount forgiven.

Mortgage Debt Relief Act Due to Expire?Act was first introduced as a temporary relief to distressed homeowners and provided them with options to avoid foreclosure. It is set to expire the end of 2012.

I would urge all distressed homeowners to take advantage of the Mortgage Relief Act now and change your financial direction, avoid foreclosure.