If you are underwater on your mortgage and have been thinking about selling your home via a short sale – Do It Now! The House and Senate passed H.R. 8 yesterday, legislation to avert the so called “fiscal cliff”. One of the provisions of the bill, which President Obama signed today, extends the Mortgage Forgiveness Debt Relief Act until January 1, 2014.
This provision to exclude borrowers from paying taxes on debt forgiven through a short sale is an essential component for homeowners who are upside down on their mortgages and want to sell their house.
It’s not too late to sell your Lake Mary home via a Short Sale, but you need to act now. A short sale can take months to secure and if you are behind on your payments and are currently in foreclosure, you need to take control and start working towards an alternative solution.
A Short Sale is a viable alternative to Foreclosure. Please contact us if you have questions about selling your home when you owe more on your mortgage than your home is worth.