Mortgage Forgiveness Debt Relief Act Extended Thru Jan 1, 2014

A major win for the housing market-  the Mortgage Forgiveness Debt Relief Act of 2007 was further extended for another year, as Congress & the Senate settled the issue late January 1, 2013.

This means that any type of principal reduction sought by homeowners thru a short sale, loan modification will continue to get exemption from taxation.

Homeowners seeking a short sale are encouraged to keep their properties active in the market.   If you are a homeowner looking to do a short sale, it is best to consult with an experienced REALTOR/ Short Sale Specialist without further delay.  The 12 months can go by quickly!

Blessed New Year to all!