Mortgage Forgiveness Debt Relief Act of 2007 - Set to Expire in 2013
This is worth noting, particularly for anyone contemplating doing a short sale now or trying to hold on and possibly be forced into one in a year.
The Mortgage Forgiveness Debt Relief Act of 2007 expires on December 31.
Of course it could be extended, and I've read that such an extension is included in the administration's FYI 2013 budget proposal.
But will that happen? No one knows. Heck, we don't even know if a budget will be passed.
In my eyes, that's pretty scary for homeowners who could end up owing
Federal Income Tax on all the equity their homes lost in the housing crash.The Feds don't play around when you owe them money (unless you're a big name politician, of course.)
I worked with a couple who couldn't pay their tax bill, so set up a payment plan. All went well until they were late with a payment. Then they woke up one morning to find all of their bank accounts empty. To make it worse, all the checks they'd written that hadn't yet cleared the bank were bouncing. What a mess.
The best thing troubled homeowners can do, if they think they're headed for foreclosure or think they might NEED to short sell within the next year or two, is to short sell now. If they get it done by December 31, they're safe.
That means you need to let them know that "Time is of the essence" in getting their short sales listed.
So, since you're busy, I wrote a letter you can use. Just click here to request the letter and it will be on it's way in minutes. Then you can customize to suit your market and put it on your blog or in a mailing to your short sale prospects.
Requesting the letter will put you on the list to get my weekly real estate marketing ezine. But there's an unsubscribe link that actually works, so if you don't like it, you don't have to keep receiving it.
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