The Mortgage Debt Relief Act has been extended!
As many of us scrambled to close our short sales before the end of 2012 it came at the last minute a signed extension of the mortgage debt relief act. Originally coming to pass in 2007, then extended in 2008 through Dec 31, 2012, the Mortgage Debt Relief Act allows tax forgiveness in most circumstances for people going through a short sale and/or foreclosure.
With the extension now through December 31, 2013, it will allow many more homeowners the opportunity to short sale their homes in 2013 and still reap the benefits of not owing taxes on the amount forgiven.
There are exceptions to this law however and for more information please visit our website at http://www.AzHomeHelp.com or call us today at 480-241-4406.
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