Distressed Las Vegas Homeowners May Breathe a Big Sigh of Relief

By
Real Estate Agent with The Wilk-DeShaw Group

 

The Mortgage Forgiveness Debt Relief Act that was passed back in 2007 has been extended by congress until the end of 2013.

One of the  major advantages to Las Vegas homeowners selling their home on what is known as a “short sale” is not only being forgiven of the debt incurred when a home is sold for less than what is owed to the lender, but not being taxed on the sale.

If the Debt Relief Act had not been extended many distressed sellers would have incurred a tax liability from the short sale process. As an example, if the home were sold for $150,000 but $300,000 was still owed on the mortgage, the seller would have been taxed on the $150,000 difference.

With the extension of the act until the end of the year distressed homeowners in Las Vegas (and elsewhere) can still benefit from a short sale as a much better alternative to the traditional foreclosure process.

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Contact us to receive a Market Snapshot of your area of interest in Southern Nevada. Think of the Wilk-DeShaw Group when you or anyone you know is considering buying a home, selling a home, or investing in real estate in Nevada, Arizona, California, or Utah. Residential, Luxury, Commercial, Leasing, Property Management.

Attorney assisted Short Sales with no out of pocket to the Seller!

Daryl B. DeShaw
Wilk-DeShaw Group
Residential | Luxury | Commercial
Las Vegas, NV 
(877)583-5058
Daryl@Wilk-DeShaw.com


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