Behind in your Payments - The Time to Short Sale your Home is Now - Chandler AZ Short Sales
Ready to list your home for Sale? Not sure where to begin the Short Sale Process? Important Information below. If you've been putting off Short Selling your home, time is running out! Lets get started today!
The Mortgage Forgiveness Debt Relief Act of 2007 ("2007 Act") provides for an exemption for any income tax on debt forgiveness for money used to purchase, or make improvements to, a principal residence. This 2007Act is scheduled to expire January 1, 2013. If there is no extension of this 2007 Act, a seller will pay income tax on the amount of the debt forgiveness by a lender in a short sale. For example, if a homeowner with a $250,000 mortgage does a short sale for $150,000, the homeowner will have to pay income tax on the amount of the $100,000 debt forgiveness.
On March 19, 2012, Representative Charles Rangel (D-NY), the sponsor of the 2007 Act, introduced a new bill HR 4202, Mortgage Cancellation Relief Act of 2012 ("proposed 2012 Act"). This proposed 2012 Act is basically one sentence extending the January 1, 2013, expiration date of the 2007 Act for two years until January 1, 2015.
The time to sell is NOW! Call me today for a free, no obligation, question and answer session via Teleephone