Time is Running Out!!Take Advantage of the Mortgage Debt Relief Act

By
Real Estate Broker Owner with Cam Realty and Property Management

Time is Running Out!! Take Advantage of the Mortgage Debt Relief Act

What is Mortgage Debt Relief Act?Homeowner who received a principal reduction or other forms of forgiveness such as through Short Sale of their primary residences do not have to pay taxes on the amount forgiven. Without the act reduced debt through loan modifications or Short Sales would qualify as an income and homeowners would be responsible to pay taxes on the amount forgiven.

Mortgage Debt Relief Act Due to Expire?Act was first introduced as a temporary relief to distressed homeowners and provided them with options to avoid foreclosure. It is set to expire the end of 2012.

I would urge all distressed homeowners to take advantage of the Mortgage Relief Act now and change your financial direction, avoid foreclosure.

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Ambassador
1,195,097
Praful Thakkar
Andover, MA: Andover Luxury Homes For Sale
Keller Williams Realty

Beth, I read a post yesterday, with a video from an attorney says. don't worry....

June 22, 2012 08:22 PM
Rainmaker
403,365
Beth Atalay
Cam Realty of Clermont FL
Cam Realty and Property Management

I've read and also heard on the news about a possible extension, however, hasn't happened yet. Hope it does!!

June 22, 2012 08:26 PM
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Rainmaker
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Beth Atalay

Cam Realty of Clermont FL
Sell or Buy Homes in Clermont FL
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