Reno Home Sellers Should Take Advantage Of The Mortgage Debt Relief Act Extension

In 2007, the Mortgage Debt Relief Act was passed in an attempt to help the millions of homeowners who, due to the housing crisis and economic crash, suddenly found themselves in danger of losing their home to foreclosure.

The act gave homeowners relief from the tax responsibility that accompanied forgiven debt on short sales.  This 2007 law was set to expire December 31, 2012. Luckily for many struggling homeowners congress managed to extend the tax relief law before it expired last year.

The Mortgage Debt Relief/Forgiveness Act is good for one more year. It is now set to expire on  January 1, 2014. Remember ~ it only applies to first time home owners. Without the extension, homeowners who complete short sales or loan modifications this year could have been faced with possible tax bills in the thousands of dollars.

With the tax extension home sellers know have a tax incentive to encourage them not to let their home go to foreclosure.  This is why an extension was so critical to homeowners today.  It will help those struggling  take advantage of this assistance be offered.

If you are a Reno homeowner and are struggling to make your mortgage payments each month, now is a great time to consider short selling your home. Not only will you receive a tax relief at the end of the year but  you will also find the short sale process in not taking as long to receive approval. Just recently Freddie Mac announced a new program that will streamline the short sale process.

Short Sales are now less complicated, decisions regarding your home mortgage are quicker and many homeowners are being offered assistance for relocation. These incentives make short selling your Reno home more reasonable than ever.

As a Certified Distressed Property Expert (CDPE), I am uniquely qualified to guide you through your options and help you find the right one for your situation. If you are interested in learning more about the short sale process I would love to help. Write down any questions you have and then call me today (775) 846-5424 for your free, confidential consultation.

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