The Mortgage Debt Relief Act allows a homeowner to short sale their primary residence without any tax consequence. Currently the average short sale is taking about 3 to 4 months to close so with the Mortgage Debt Relief Act Set to Expire at the end of 2013 the time to act is now.
Many homeowners have already taken advantage of this tax holiday and if you have been sitting contemplating a short sale, you may want to start looking into the short sale process especially being that you can typically count on delays. There are several factors that can cause delays in the short sale process so you must plan accordingly to make sure you close in time .For instance, if you have a 2nd mortgage or a Homeowner or Condo Association that will ad time to the process. In many cases, bank values may not be accurate so may require your Realtor to dispute the value with the bank.
To learn more about The Mortgage Debt Relief Act…. download our Free “how to” short sale guide or call and speak to one us and we can explain more. Of course all calls are confidential and our team is made up of industry professionals who are only paid by the bank upon the completion of a successful short sale so you are never under any obligation to get help or your questions answered. We have helped thousands of homeowners just like you. Call us at 1-888-262-6933
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Whatisashortsale.org was founded in 2009 for the sole purpose of helping homeowners and Realtors better understand the short sale process. We do not charge for any of our information and we are always willing to help homeowners find a solution that works for them. Please feel free to give us a call at anytime.