Elk Grove short sale sellers can now breathe a sigh of relief as the Mortgage Debt Relief Act of 2007 has been extended through the end of 2013 as part of The “American Taxpayer Relief Act of 2012’’. It’s official! Late last night the House approved the “fiscal cliff” bill!
Of most interest to real estate, the bill would extend mortgage cancellation relief for home owners or sellers who have a portion of their mortgage debt forgiven by their lender, typically in a short sale or foreclosure sale for sellers and in a modification for owners. Without the extension, any debt forgiven would be taxable, which, for underwater households, represents a financial burden.
This is great news for those Elk Grove short sale sellers who are upside down still in their homes and struggling to make their payments. This will allow them the rest of 2013 to complete the sale of their Elk Grove home under a short sale and avoid foreclosure!
Use our quick and easy site to get an instant value for your home! For a more accurate value, or to talk about getting your home on the market, give us a call at 916-405-5737 today!