Good News for Homeowners Underwater on their Mortgages

While not a done deal yet - the first step has been taken to extend the much needed Mortgage Debt Relief Act past the end of this year to 2015.

Extending the Mortgage Forgiveness Debt Relief Act?

Homeowners who qualify have not had to pay taxes on the debt forgiven by a lender in a short sale transaction. This Act is scheduled to expire at the end of the year and this would dramatically impact anyone that has to sell their home when the amount paid is less than what they owe on their mortgage.

As the attached article states; extension of this Act has been included in the budget. It's believed that both sides recognize the necessity of extending the Act to help millions of homeowners. We'll be watching this closely as it moves through the process and keeping you advised.

Contact me to learn more about how our team of professionals can help you if you find yourself in a short sale position.