Federal Mortgage Debt Relief Act of 2007 Extension Information for Roseville CA Short Sale Candidates by Ken Patterson of Keller Williams Realty
Current facts regarding the 2007 Debt Relief Act & Possible extension:
·Law becomes Expires December 31st, 2012 under current provisions
·Pertains only to Owner Occupied Homes
·Exempts borrowers for owing Capital Gains Taxes on any Forgiven Debt which is considered Income by IRS Code
·Mortgage Servicers must respond within 5 days of Loan Modification Application submission
·Currently, there are a total of five Bills pending in both houses of congress that call for extending the Mortgage Debt Relief Act of 2007 from 1 to as many as three years
·These Bills are as follows:
·HR4202; HR 4250; HR 4336; S 2250 and S 3224
·All bills are still in committee and have been for some time
·House Bills are in the Committee on Ways and Means while Senate Bills are in the Senate Finance Committee
The intent of this Law passed in 2007 was to avoid a penalizing Capital Gains Tax burden for underwater borrowers that chose to Short Sell their Negative equity Homes.
As more information becomes available, we will continue to BLOG the updates
For FREE information regarding Selling YOUR Roseville CA Home in or FREE Short Sale Information for Roseville California please call us @ 916-751-1800 or visit www.TEAMPattersonRealty.com
TEAM Patterson Realty and Real Estate Agent Ken Patterson are very successfully helping traditional home sellers list and sell their homes Roseville, Lincoln, Rocklin and Folsom CA.Success comes from experience, knowing the current market dynamics, having a detailed plan to sell your home (201 Steps to SOLD) and having a consistent process to serve not just sellers, but buyers and other agents that is an “Ease of Doing Business” philosophy.
TEAM Patterson Realty also specializes in offering underwater mortgage assistance and Roseville CA short sales. They also help home owners in understanding Loan Modification Help your mortgage lender may be offering for your Roseville CA home.Lender specific loan modification information is available FREE.
A Rocklin Real Estate Specialist is an agent or group of agents that have actually listed, marketed, negotiated and sold Roseville / Rocklin CA Home Listings successfully.
TEAM Patterson Realty Testimonials – CLICK HERE
Roseville CA Information for Home Buyers – CLICK HERE
Our Office:Keller Williams Realty Roseville, Folsom, Rocklin and Granite Bay – 548 Gibson Dr, Roseville CA 95678