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Mortgage Debt Relief Extended Another Year

Reblogger Carol Zingone
Real Estate Agent with Berkshire Hathaway Home Services Florida Network Realty BK 3030920

It is so important for everyone to get this word out to the many homeowners who are considering a short sale - please pass the word and help them get the help they need. 

Original content by Gina McKinley

Great news for homeowners! The Mortgage Debt Relief Act which was originally scheduled to expire December 2012, has been extended another year. This Act was enacted in 2007 as a way to help homeowners who have had to short sale their home. Without the Mortgage Debt Relief Act, any debt forgiveness from the principle balance of their mortgage would have been considered taxable by the IRS.

Thanks to this new extension, any debt forgiveness will continue to not be taxable income. This is wonderful news for homeowners that still may owe more than the current market value of their home.

To find out what your home is worth, click here now! Or for a free, no obligation consultation, call Gina McKinley at (480) 355-8645 today. For information on how the Debt Relief Act will affect you, please contact your accountant.

 

 

Posted by

Carol Zingone is a full service Broker Associate proudly affiliated with Berkshire Hathaway HomeServices Florida Network Realty in Atlantic Beach, FL.  I help buyers and sellers locally, regionally, and internationally.  With hundreds of happy buyers and sellers over the course of my career, I'm thrilled to help first time buyers, military buyers, seniors, investors, 1031 exchange properties, short sales and REO's.  I have spent hours honing my expertise, including the designations of: Graduate Realtor Institute (GRI), Loss Mitigation Certification (LMC) , Short Sales, Foreclosures, REO's, (SFR), and Senior Real Estate Specialist (SRES).  I pride myself on providing excellent expertise to all buyers and sellers. Search the MLS via www.carolzingone.com  for Jacksonville and area listings!

 

Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Carol.  Why just one year?  Why not 5 years?  Congress is clueless.

Jan 23, 2013 06:43 PM
Frank Laisch
Orlando, FL
"The Insurance Guy"

Carol, That is good news for the many that are still underwater and have had financial situations to get out from under the homes. now if they can speed up that process too :-)

Jan 23, 2013 07:41 PM