Last week President Obama signed into law the controversial 'fiscal cliff' bill which included an extension of the Mortgage Forgiveness Debt Relief Act. This will extend till December 31, 2013. This includes Madisonville, Covington, Slidell and Mandeville real estate.
A nationwide initiative is being launched to help homeowners seeking to short sale their home and take advantage of this legislation. The mortgage debt relief act allows for home owners who live in their homes to short sale their St.Tammany real estate and have deficient amounts to not be considered and added to a home owner's income. This means you will not be given a 1099 therefore paying not taxes on these amounts. Here's a quick video that explains how Turner Real Estate Group can help. For more on the recent changes to our local St.Tammany real estate market go to www.CallWayneTurner.com/blog