A small bit of good news for homeowners selling in short sale position

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Congress has amended The Mortgage Debt Relief Act of 2007 to The Mortgage Forgiveness Debt Relief Act and Debt Cancellation. The amended act contains expanded coverage and an extended deadline to 2012. 

http://www.irs.gov/individuals/article/0,,id=179414,00.html

The MFDRA does not cover properties that are considered vacation homes or investments.  Homeowners need to be sure and fill out the correct forms as it’s not an automatic situation, be sure to read the IRS details via the link to learn more.

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This entry was posted in financial matters, financing/lending, For Sellers, foreclosure, household tips, investment property, legal issues, mortgage, seller advice, senior topics, short sale, tax, title & escrow, Uncategorized by Reba Haas. Bookmark the permalink.

About Reba Haas

I've been a real estate agent in the Puget Sound region since 2003 and came to the industry with a background in sales in the tech sector. I'd been interested in real estate for a long time and my mom also happens to be a 20+year veteran agent in Kansas. I didn't grow up around the industry but I have definitely taken the bull by the horns, so to speak, in my own area with some pretty positive results. I've got a great team of people working with and for me. There is tremendous power in a team and it helps to have different perspectives at times when it comes to running a business. All in all, we make a great team! We hope you'll get a chance some day to utilize our varied and excellent skill sets in a future real estate transaction. But, even if we never get to meet you, we hope you'll enjoy and appreciate the information we have to offer here.

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