If you or anyone you know is in a negative equity position and owes more than the value of their home, time may be running out to complete a short sale and also not have a tax liability for any money forgiven by their lender. Prior to 2007, short sales were NOT very appealing to home owners in hardship due to the fact that the borrower could be liable to pay taxes on any money forgiven by their lender for their primary residence. The Mortgage Forgiveness Debt Relief Act came to be law on December 20th, 2007. This important act was great news and gave most home owners in hardship the chance to sell their property as a short sale, and NOT be have to pay income taxes on the money forgiven them by their lender.
Unfortunately, this act is set to expire in just a few months at the end of 2016. Unless it is miraculously extended here at the 11th hour, home owners who do a short sale next year may be liable to pay taxes on the money forgiven them by their lender. If you or any friends or family owe more than the value of your property and have been interested in doing a short sale, this may be your last chance. Considering the fact that short sales take a couple months to process and close, it is important to take action now.
I am a Jacksonville short sale specialist and I help homeowners who are upside down on their homes complete a short sale, and have successfully helped several hundred in Jacksonville alone. There is absolutely no cost to qualifying home owners to do a short sale. Please contact me personally at (904)625-7455 to discuss your unique situation and how I may be able to assist you. Also, please visit www.JacksonvilleShortSale.com for more about the Jacksoville short sale process and how a short sale Realtor could best assist you.
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