Mortgage Forgiveness Debt Relief Act of 2007 EXTENDED- Short Sale Now!

By
Real Estate Broker/Owner with NoVa Brokers LLC 0225 094634 VA/ 643686 MD

The Mortgage Forgiveness Debt Relief Act became law in 2007.  This offers relief to homeowners who would owe taxes on forgiven mortgage debt after facing foreclosure. The act extends such relief for three years which now has been extended another year but will end December 31, 2013.  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

What does this mean to you?  If you are thinking about doing a short sale, do it soon, the earlier the better.  Some of these sales take 3-6 months to complete so if you don't want to miss out on this tax forgiveness, it is time to get prepared and start the process.   To see if you want see if you qualify, please consult with a tax advisor.  This protection is limited to primary residences.  Contact an agent today! 

Posted by

FOR ALL YOUR REAL ESTATE NEEDS

 

STELLA BARBOUR

NoVa Brokers LLC

1483 Chain Bridge Road Suite 103

McLean, Virginia 22101

571-814-3002 OFFICE

703-999-6104 CELL

571-281-2866 FAX

www.novabrokersllc.com

stellabarbour@yahoo.com

Licensed in Virginia & Maryland

 http://www.novabrokersllc.com/

 

 

 

Comments (4)

John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

Good morning Stella -

Very smart to get the word out to the public that the Mortgage Forgiveness Debt Relief Act of 2007 has been EXTENDED and that doing a Short Sale if necessary would be wise to do now!

Jan 20, 2013 02:10 AM
Stella Barbour
NoVa Brokers LLC - Vienna, VA
Principal Broker, Serving Virginia and Maryland

Thanks for stopping by and for commenting. 

Jan 20, 2013 09:29 PM
Robert Rauf
HomeBridge Financial Services (NJ) - Toms River, NJ

I really thougt we would lose this one in 2012... there certainly isnt a lot of time left to get the short sales done for sellers to take advantage!

Jan 28, 2013 11:50 PM
Stella Barbour
NoVa Brokers LLC - Vienna, VA
Principal Broker, Serving Virginia and Maryland

Thank you for stopping by Robert and your comments.

Jan 29, 2013 12:01 AM