Lawmakers managed to extend the Mortgage Forgiveness Debt Relief Act as part of their 11th hour deal to avoid the fiscal cliff. For those owners contemplating a short sales, this means that you may not be liable for taxes on debt forgiven. The law, established in 2007, was set to expire Dec. 31, 2012 and was extended for another year.
For sellers, the Act only applies if you lived in the property as your personal residence for two of the five last years and it only applies to purchase money or money used to make capital improvements to the property.
Always consult a legal professional when reviewing the option of a short sale.
Mt Hood Real Estate For Sale in the Villages of Mt Hood includes:
It is an excellent time to buy with interest rates the lowest they have been in close to FIFTY (50) Years….still!!!