Underwater Homeowners Breathe a Sigh of Relief as Congress Renews Mortgage Debt Relief Act!

As your market expert and helpful resource, I am posting a reminder report that 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, 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.

Click HERE for more information, reports and extensive helpful resources for homeowners on foreclosure avoidance, home retention and short sale solutions on my HelpingSoCal CDPE website.

Click HERE to visit my local real estate website, www.ConciseRealEstate, for MLS access, buyer & seller tools, and to sign up for listing alerts.  Free market analysis and seller consultations provided.

Mike Rosenthal, CDPE, PSC

818-968-2601 direct

mike@conciserealestate.com