Good news for a homeowner who were worried about paying tax after a short sale, if the short sale was not complete until December 31, 2012. Fortunately, the Congress has extended the Mortgage Forgiveness Debt Relief Act for another year.
The extension of this new law will protect distress homeowner from paying huge tax bills on the amount of money forgive by the bank as a result of a short sale. I have three short sales in San Francisco and one in San Mateo waiting for bank approval.
Most for of delays occur by the interaction of … (2 comments)
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