Good News for Short Sellers!!!

By
Real Estate Agent with Total Realty Team/ FL Relty Investments
President Bush has acknowledged your cries. Now those struggling to survive their previous mortgage pitfalls through the short sale process get a break. Until 2009 you will not be taxed on the forgiven debt. Seems to make sense that if you've lost your home after most likely a long term struggle that you really deserve a break. Most people hold on to the hope of saving their home as long as possible. Just as buying a home is an emotional experience, so is letting it go in a short sale. Those people have likely poured every dollar into saving their investment until they have nothing left. Then they turn to an agent to help them sell at an amount less than what is owed. (Upon mortgage company's approval of course.) Previously, the differance between what was owed and the sales price would be considered income to the seller. This created a loose/loose situation for the devastated sellers who ended up with a huge tax debt on top of the bruised credit and the loss of their home. Thank you President Bush for the repreve you have granted for these people!

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