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This may be your last chance to do a short sale

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Services for Real Estate Pros

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Prior to 2007, short sales were NOT very appealing to home owners in hardship due to the fact that the borrower could be liable to pay taxes on any money forgiven by their lender.  The Mortgage Forgiveness Debt Relief Act came to be law on December 20th, 2007.  This important act was great news and gave most home owners in hardship the chance to sell their property as a short sale, and NOT be have to pay income taxes on the money forgiven them by their lender.

Unfortunately, this act is set to expire in just a few months at the end of 2012.  Unless it is miraculously extended here at the 11th hour, home owners who do a short sale next year may be liable to pay taxes on the money forgiven them by their lender.  If you or any friends or family owe more than the value of your property and have been interested in doing a short sale, this may be your last chance.  Considering the fact that short sales take several months to process and close, it is important to take action now.  

We are a nationwide network of over 11,000 short sale specialists who offer no cost help to home owners in financial hardship.  Contact us today to be connected to one of our local experts.  If you have any friends or family who may be a good candidate for a short sale, please forward this news to them.  Visit www.Short-Sale-Specialists.com for more information about short sales and options that may be available to you.

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