Great News for Short Sale Sellers! Mortgage Forgiveness Debt Relief Act Extended!
The Mortgage Forgiveness Debt Relief Act has been extended for one more year. This is great news for those who have been on the sidelines about whether to short sale their personal residence. The federal tax debt forgiveness has been extended for just one more year. Since short sales do not happen overnight, those wanting a short sale of their property are advised to look into it now and get started with the process right away, lest they find themselves in the same position next year waiting to see if Congress will extend for one more year.
This has been quite a nail biter waiting to hear about the extension of the Mortgage Forgiveness Debt Relief Act while the fiscal cliff talks raged. In the short sale community, we expected that this Act would be renewed, but it was definitely not fun waiting around until the last minute to find out if it would be extended. It did cause some potential short sale sellers to hold off, and now that the decision has been made there is a renewed interest in short sales by many.
Before deciding whether to short sell your home, it is essential that you obtain legal and tax advice, and consult with an experienced local short sale agent. If you are considering a short sale of your Santa Barbara or San Luis Obispo county home and would like a short sale consultation, please call my office to schedule a meeting or a telephone consultation at (805) 938-9950.
Tni LeBlanc is an independent Real Estate Broker, Attorney, and Short Sale Agent. She has successfully completed short sales with Bank of America, Wells Fargo, CHASE , GMAC, Seterus, IndyMac, CitiMortgage, Green Tree Servicing, Specialized Loan Servicing, HomEq Servicing, Wachovia, Coast Hills Federal Credit Union, Select Portfolio Servicing, Fannie Mae, Freddie Mac, and others.
* Nothing in this article is intended to solicit listings currently under contract with another broker. This article offers no legal or tax advice. Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement. Tni LeBlanc and Mint properties are not affiliated or endorsed by any lender.
Copyright© 2013 Tni LeBlanc *Great News for Short Sale Sellers! Mortgage Forgiveness Debt Relief Act Extended!*
