Mortgage Debt Relief Act - Frequently Asked Questions
The Mortgage Debt Relief Act is a hot topic right now, and many homeowners have a slew of unanswered questions. Hopefully we can clear up a few here. In 2007, the Mortgage Debt Relief Act was passed in an attempt to help the millions of homeowners who, due to the housing crisis and economic crash, suddenly found themselves in danger of losing their home to foreclosure. 
The act has helped many distressed homeowners find solutions to avoid foreclosure and opened up options to them that were previously unavailable.
However, the Mortgage Debt Relief Act was always intended to be a temporary solution and it is now set to expire at the end of 2012. For distressed homeowners, this means that time is limited for you to take advantage of this program.
Below are some Frequently asked Questions about the Mortgage Debt Relief Act:
- When does the Mortgage Debt Relief Act Expire? December 31,2012.
- How much debt can be forgiven? $2 million ($1 million if you are married and filing separately).
- Does this apply to any debt that is forgiven? No, the Mortgage Debt Relief Act applies only to debt forgiven on your primary residence.
- Who determines how much debt is forgiven? The lender is required to report any forgiven debt that is over $600.
- Will this be reported on my credit? If a foreclosure was started, then it probably will be, although it will be less impactful than if the foreclosure is completed.
If anyone you know may need my expertise, please have them visit my website www.StopForeclosureInMenifee.com for a copy of the full report entitled “Time is Running Out: How the Mortgage Debt Relief Act can save you!”
Time is running out. But there is still a chance to change your financial direction and avoid foreclosure.
If it's time to talk to a Realtor® who knows Murrieta, Temecula and Menifee, CA Real Estate or if you have specific questions relating to homes and Real Estate in Murrieta, Temecula and Menifee, CA, or in any part of the Temecula Valley, give me a call at 951.704.6370, or email me at kristiharden1@gmail.com. To learn more about Murrieta, Temecula and Menifee, CA, I invite you to visit my website and become a Market Insider today! For more information on the short sale process, the Mortgage Debt Relief Act and how I can help, visit www.StopForeclosureInMenifee.com.
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