MORTGAGE DEBT RELIEF ACT- EXPIRES AT THE END OF THE YEAR
TAKE ADVANTAGE NOW!! TIME IS RUNNING OUT!
We all know that our economy has been in distress. Are you facing stress or hardships? Feel lost and don’t know what you’re going to do? If you lost your job, or simply cannot afford to make your monthly mortgage payments, there may be relief.
20 Homes for sale in New Canaan , CT were foreclosed since June of 2007. 7 of those homes for sale were foreclosed on in the last year. Do not become a statistic, save yourself the grief of large amounts of debt. You can be protected.
THE MORTGAGE RELIEF ACT
If you have a home for sale and are not aware of the benefits you may be eligible, I do recommend you educate yourself, and educate yourself immediately.
The Mortgage Relief Act was passed in 2007 when President Bush was in office. It is scheduled to expire the end of this year. That’s right - you have less than a half a year.
The Mortgage Relief Act may save you from having to pay taxes on the money you owe.
How does this work?
I first would advise that you find yourself a Realtor that you trust, to help you navigate through this process and help you understand it further. If you are in the New Canaan , CT area with a home for sale, and have any questions, you may also contact me 203-858-4853.
When you sell your home in a short sale, your lender will waive your deficiency, or debt. That means that the bank would forgive and cancel the debt you owe them. At the end of the year, you would have to claim that money as income. The Mortgage Relief Act has been put into place to help avoid paying taxes on income you MUST claim.
If approved, you and the IRS will be given a 1099c (cancellation of debt)
So, if you are "underwater", and live in the New Canaan , CT area with a home for sale. Please feel free to contact me.
This is quite a long complicated process and it takes a long time (6-9 months from when an offer is received on your listing.)
I don’t want to frighten any sellers but this Act is due to EXPIRE on December 31st 2012.
After this year, short sales/ foreclosures will be taxable in your income taxes. Although your lender may allow you to forgive/ cancel the debt owed, it will be taxed.
So if you are "drowning," please do yourself the favor and get educated. Information is power. See if this is right for you.