We are now closing in on the last 6 months before what is commonly referred to as the Mortgage Debt Relief Act (Mortgage Debt Relief Forgiveness Act of 2007) will expire. It has been extended twice already, but with the political gridlock in Congress over the budget and the news that the Real Estate Market is turning around, there doesn’t seem to be the political will power to extend this any further.
For those homeowners who have tried everything and have been turned down for HARP refinances and there is no other options available to them, it is time to act before this valuable option is lost out and the homeowner is also left with a tax bill as well. Remember, there may be additional money available for homeowners depending on their situation. So it is very important to act now while the summer home selling season is here and there are plenty of buyers to buy homes in any and all conditions.
To qualify for this tax exemption, the property must be completely sold before the end of the 2013 calendar year. With complex fact patterns and approval processes, it can take months to get the necessary approval to close escrow on a distressed home. Act now and save thousands of dollars.
If there are any questions about how to qualify