The Mortgage Forgiveness Debt Relief Act was originally enacted in 2007. This Act helped out homeowners from being exempted in paying the taxes on the amount that was forgiven which was actually considered taxable income. This act was supposed to be in effect until Dec. 31, 2012 but the Congress extended it for another year and the new expiry date would be on Dec. 31, 2013.
For very obvious reason, theMortgage Forgiveness Debt Relief Acthas been such an extreme relief to homeowners considering the difficulty of the current economic situation due to the recession. It has extremely helped homeowners who are faced with terrible financial burdens, especially those who have undergone Short Sale or Foreclosure.
In a few months’ time, this Act will expire and the question is…Are you are ready? Once again, you will be faced with the dilemma of having to pay taxes on a certain bracket depending on the amount that would be forgiven. Have you thought of which strategy best fits your current situation? Which options have you considered? Are you aware of the running market value of homes based on the current economic situation? GaRealtyGroup |2ShortSaleGuys has the answers you are seeking and are available for FREE phone consultations to assist you during these troubling times. Tax issues can be very complex and we have tax professionals that can give you tax advice that will ease your worries.
In this regard, many of the homeowners, especially those who are considering Short Sale, have decided to sell their homes now instead of waiting and hoping for its’ market value to rise up. It is a very wise decision we believe! Try to considerhow much your house is worth and how much you owe the bank. This way you will understand whether it will be better to sell your house now or wait for the market value to break even depending on how much you owe the bank. It would be wiser to act now than wait for the Mortgage Forgiveness Debt Relief Act to expire, wherein you will then be subjected to additional tax liability. Our average closing short sales are 111 days, versus others who process short sales and take an average of 9 months.
We atGARealtyGroup|2ShortSaleGuyscan help you make that decision and take that burden off your shoulders. We are the best in the business! We utilize some of the best marketing techniques to get your home sold quickly. We have the know-how to get your home SOLD. Contact us today by clicking HERE to get a FREE home evaluation and consultation. You may also contact us today at 678-279-5535.
You may not need to sell your home. If that’s the case, we are a full service real estate team that specializes in providing excellent customer service. If you are in the market to purchase a home or just want to look at the homes available, click HERE to view the most up to date and complete list of homes available.