Anna Child Group
When short sales were an up and coming problem owners who went through a short sale found out that they were still responsible for taxes on the homes sale. The government heard the outcry and came up with the “Mortgage Forgiveness Debt Relief Act”! Unfortunately, the majority of our population is unaware that this act has an expiration date of December 31, 2012! The word this far is that they won’t be reinstating it either.
If you are upside down on your home and can’t get a loan modification it would be in your best financial interest to cut your losses and short sale your house before the end of this year! Please keep in mind that it takes months to sell a short sale (3-6). The sooner you get it sold the better off you will be financially.
Here is an easy to understand explanation of the “Mortgage Forgiveness Debt Relief Act of 2007” http://www.bills.com/1099-income-from-short-sale/
If you know someone who is need of a knowledgeable honest Realtor who they can consult, please give them my contact information! I won’t take them as clients if I can’t truly help them. People who find themselves in this scenario don’t need more stress!
714-398-6913 email@example.com Prudential California Realty 5848 Edinger Ave, Huntington Beach, CA