Is Time Now Short Sale Sellers!!!
Time is shortly coming to an end for those homeowners considering a short sale on their home and taking advantage of the Mortgage Forgiveness Act. If you’ve been considering selling your primary home as a short sale, now is the time to sell! Since 2007, people who have sold their primary homes as a short sale have benefited from the “Mortgage Forgiveness Debt Relief Act” which is coming to an end in 2012. Here’s how short sales work: if you owe $500,000 on your house and you sell it for $400,000, the $100,000 “gap” is technically considered taxable income and you are supposed to get a 1099 for that amount of money. This Debt Relief Act has suspended that requirement, giving owners the ability to short sell their homes without having to pay taxes on the...
