Underwater
Homeowners Breathe a Sigh of Relief as Congress Renews Mortgage Debt Relief
Act!
On January 1, 2013, Congress
passed an extension of the Mortgage Forgiveness Debt Relief Act. This extension
of this act, which has saved homeowners more than $1 billion dollars in taxes[1],
is great news for struggling homeowners nationwide.
The Mortgage Forgiveness Debt
Relief Act was originally passed in 2007 to aid the millions of homeowners who
suddenly found themselves in danger of losing their homes to foreclosure
following the housing market crash.
Under the Mortgage Forgiveness
Debt Relief Act, any debt forgiven in a short sale, foreclosure, or loan
modification, is exempt from federal taxes on primary residences. For
homeowners facing foreclosure, this exemption saves them from paying thousands,
or even tens of thousands, in taxes on top of losing their homes.
Now for another year, homeowners can take
advantage of this exemption and avoid foreclosure without the fear of an
impossible tax liability.
As a Certified Distressed Property Expert
(CDPE) agent, I am specially trained to help homeowners escape the threat of
foreclosure. If you or someone you know is facing foreclosure, contact me for a
private consultation. I can help find a solution.
Elizabeth Garcia – Realtor® Broker CDPE
201-794-7050
www.NJhomeOwnerSolutions.com
