If you’ve been putting off the Short Sale of your home, take note. The Mortgage Forgiveness Debt Act expires at the end of 2012 and there is no guarantee it will be extended into 2013. If you are underwater or on the fence about listing and selling your home as a Short Sale or HAFA Short Sale to avoid foreclosure, you need to call me. The Mortgage Forgiveness Debt Relief Act gives tax relief to homeowners who have sold their home via short sale or lost their home to foreclosure. Beginning January 1, 2013 the discharge of debt via short-sale will be considered income. If you sell your home prior to January 1, 2013 you will not need to claim the sale as income.
Per IRS….”the indebtedness discharged is qualified principal residence indebtedness which is discharged before January 1, 2013.” Reminder that a Short Sale can take up to a year from start to finish. Know you are not alone, MSNBC.com recently announced 22% (11 million) homeowners are now underwater and that number is rising.
Call Stacy Disney 808-345-2591.
