Mortgage Debt Relief Act Extended!
The Mortgage Debt Relief Act of 2007 has been extended by Congress until January 1st, 2014. Here at RealEstateAgentPDX.com, we’ve been following the developments with significant interest (two previous articles: What is the Short Sale Tax? and Short Sale Tax Exemption Could End Soon). This is excellent news for anyone who needs to short sale their Portland home, is in foreclosure now, or anyone who has been forgiven money by their lender on their home. The Mortgage Debt Relief Act of 2007 was set to expire January 1st, 2013. If it had not been extended it would have required Portland homeowners who had any of their home mortgage written off by a lender after January 1st, 2013 to pay taxes on whatever amount had been forgiven by the lender. In many cases, this would have resulted in a very large tax bill for those who had already lost their homes. It is a significant act of Congress to extend this mortgage debt relief.
For those struggling right now in the Portland area with an upside-down home, there is no time like the present to talk about your options with a top Portland short sale agent. There is no guarantee that Congress will extend this act again in 2014. If you or anyone you know is underwater in their home, irrevocably behind on their payments, or is in the beginnings of foreclosure proceedings, please feel free to contact me with any questions. I’m a Certified Short Sale Agent, and have helped lots of people navigate the often confusing path of getting out of their upside-down home situations.January 7, 2013