With the Mortgage Debt Relief Act set to expire, distressed homeowners are running out of time.
Distressed homeowners in the Baltimore area are on the verge of losing the relief they could receive from the Mortgage Debt Relief Act. The law, enacted in 2007, helps distressed homeowners by relieving them of additional tax responsibility that often accompanies cancelled or forgiven debt.
Before the Mortgage Debt Relief Act, many distressed homeowners would finish the arduous process of getting the bank to agree to some form of debt forgiveness, only to find that they owed thousands of dollars in tax liability. In most cases, it was like trading one unmanageable debt for another.
The Mortgage Debt Relief Act has provided opportunities for millions of distressed homeowners in the marketplace to take advantage of short sales or loan modifications without worrying how these actions will affect their future finances. The law is set to expire at the end of 2012 and time is running short for homeowners with unaffordable mortgage to take advantage of its benefits.
There is a bill in Congress that would extend the act through 2013, but it is unclear if it will pass. During an election season where taxes have become very politicized, it is difficult to know if the extension will pass.
As a Certified Distressed Property Expert (CDPE), I am knowledgeable of the entire landscape of foreclosure avoidance options and is distinctly qualified to negotiate with banks and help financially strapped homeowners regain peace of mind and a sense of stability for the future. If you are a homeowner that is behind on your mortgage and possibly facing foreclosure contact me today to discuss your options. If you are not located in Maryland and not sure where to turn, contact me and I will be happy to refer you to an experienced agent in your area.
I have developed a free report entitled “This Sunset is Beautiful” that is accessible from my website.
For more information about the CDPE Designation, visit www.CDPE.com.
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