Underwater Homeowners Breathe a Sigh of Relief as Congress Renews Mortgage Debt Relief Act!
On January 1, 2013, Congress passed an extension of the Mortgage Forgiveness Debt Relief Act. This extension of this act, which has saved homeowners more than $1 billion dollars in taxes, is great news for struggling homeowners nationwide.
The Mortgage Forgiveness Debt Relief Act was originally passed in 2007 to aid the millions of homeowners who suddenly found themselves in danger of losing their homes to foreclosure following the housing market crash.
Under the Mortgage Forgiveness Debt Relief Act, any debt forgiven in a short sale, foreclosure, or loan modification, is exempt from federal taxes on primary residences. For homeowners facing foreclosure, this exemption saves them from paying thousands, or even tens of thousands, in taxes on top of losing their homes.
Now for another year, homeowners can take advantage of this exemption and avoid foreclosure without the fear of an impossible tax liability.
I am a very knowledgeable and personable licensed real estate agent that is backed by a team of professionals that have over 30 years’ experience in real estate and short sale transactions. Some of us have been in your shoes and can relate to the pressures a foreclosure presents.
I have learned through personal experience and have invested time and focus to my trade and I am specially trained to help homeowners escape the threat of foreclosure. If you or someone you know is facing foreclosure, contact me for a private-no obligation consultation. I make it my passion to help you find a solution.
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