Short Sale Sellers South Florida l The Mortgage Forgiveness Debt Relief Act of 2007 l Extended to January 1, 2014
The Mortgage Forgiveness Debt Relief Act of 2007 which was passed into law on December 20, 2007 by former president George W. Bush did not expire December 31, 2012.
The House of Representatives and The Senate of the United States passed this important law for distressed sellers for another year. With The Mortgage Debt Relief Act homeowners may be able to exclude up to $2 million of debt forgiven on your principal residence. Robert Freeman speaking for the National Association of Realtors informs us of how the financial cliff has led us to this lengthening of time.
There are many distressed homeowners in South Florida with underwater mortgages. This central change in the tax code will help millions of local short sale home sellers who owe more on their property than it’s worth. Many areas have seen plummeted prices in recent years and only time will heal this market.
An email from Florida Realtors source came today to say;
Daily Briefing: Wednesday, January 2, 2013
A service for members of Florida Realtors
If you or a friend is in this situation and need help, please email Susan J. Penn, PA, cdpe, sfr at email@example.com or cal 954-557-5993.