Archive for January, 2013

Extension??? The Mortgage Forgiveness Debt Relief Act and Debt Cancellation










The House and Senate Have both passed the “Fiscal Cliff” deal also called “The American Taxpayer Relief Act of 2012”. It is only waiting on the President’s signature. Politics and opinions aside; included in the Act is the extension of the Mortgage Forgiveness Debt Relief Act as the bill currently reads(Section 202). Fiscal Cliff Bill.

This will affect what our real estate market looks like this year. If you are considering selling your house through a short sale it sounds like the proposed extension will* give you some incentive to make sure that the short sale is completed this year.

*To determine if you qualify for Mortgage Forgiveness Debt Relief Act and Debt Cancellation you should seek the advice of a competent CPA or Tax Attorney.

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