Ask any real estate professional who handles short sales what is their most pressing concern, and chances are they will point to the fact that as of December 31, the Mortgage Debt Relief Act of 2007 is set to expire. As of today, there is no serious replacement or extension on the table. This has many agents greatly concerned about the future of short sales, with some speculating that it may be the end of the run. I disagree wholeheartedly, and here is why:
This is perhaps the biggest Short Sales topic of 2012, and I hear very little speculation about it. Maybe people are putting their heads in the sand because of the stupendously damaging effect on the housing market that will occur if this Act isn’t extended. I have a theory about why the politicians have been mostly silent about this, but first, we need to recap what the Act means.
The Mortgage Debt Relief Act of 2007 In a nutshell, what this Act … (1 comments)
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No Replacement for the Mortgage Debt Relief Act yet. Now what?
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