Cat's Out of the Bag – News Coming Soon to Short Sales Near You

Short on change these days?  Know someone who has been laid off?

Do you remember the Mortgage Debt Relief Act of 2007?  That’s where if you had an upside down unpaid principle as a result of your modification, your short sale or foreclosure, The IRS would NOT (repeat NOT) come after you for your taxable amount, depending on your tax bracket.

Let’s say you were 100,000 dollars short on a short sale or something like that.  Well you could be looking at around $30,000 on that short sale or foreclosure that you would be on the hook to the IRS for and I can guarantee you that in California a lot of people are $100k under or more.

Well, the mortgage debt relief act of 2007 gave you relief from paying this.

Guess what?!?  Here it is guys, this is set to expire on December 31st of this year.   This year is close to being half over, so regardless of the date, that is really just around the corner.   Right now President Obama has it in his budget, but the whimsical nature of congress with an election year upon us could make this a hotbed topic and it very well could get completely scrapped.

So if you’ve got friends or you yourself are considering a short sale or even worse staring down the barrel of a foreclosure and not being so responsive to your marketing efforts or your enquiries with them. I mean, if you are one of the whopping 11.1 million people that are risking the foreclosure point and need to  list your house and with god speed you might be able to get it thing closed prior to the Acts expiration date, now is the time to do it.  Really?  Yes, really.

The savings will be tens of thousands of dollars that could be saved to get you out of a precarious situation and bring a little relief and some help.

For more info on short sales so you can get some real estate relief, contact me at [email protected]