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TAX RELIEF FOR SHORT SALES EXPIRES IN 356 DAYS
Perhaps one of the most powerful reasons to do a short sale now rather than waiting. This law could save you thousands of dollars. .
Should you consider and elect to do a short sale, rather do it now than later. . 

The clock is ticking until the expiration of the 2007 Mortgage Debt Forgiveness Act expires on the last day of December this year.  Previously set to expire earlier, Congress extended the expiration date to end in effective January 1, 2013.  Will it be extended again?  Is it necessary?
 
The extension should be extended again – but that is up to Congress.  The effect of the Act is to allow the income that is created when a mortgage is reduced in principal to be exempted from ordinary income.  That saves significant amounts of money for the borrower.
 
As an example, if a mortgage obligation is reduced because of any number of examples exist – such as (1) a deed in lieu of foreclosure where the difference between the value of the home and the larger amount of the mortgage is forgiven; or (2) the house is sold in a short sale, where the lender agrees to accept ... more

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