Tag Archives: Forgiveness

Homeowners Customer Center Now Warns If The Congress Fails To Extend Mortgage Forgiveness Tax Provisions It Will Be A New Disaster For All US Home owners & The US Economy

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(PRWEB) November 19, 2012

The Home owners Consumer Center is now warning that without a Congressional, and Obama Administration extension of the current mortgage debt forgiveness federal tax provisions for homeowners who do a loan modification, a short sale, a deed in lieu, or go by way of a foreclosure, and acquire a principal reduction in what they owe their lender anytime following December 31st 2012- the homeowner is going to get hit with a federal tax bill. The principal reduction received by the homeowner after December 31st 2012 will be treated as revenue by the US IRS. The Property owners Customer Center says, “We worry if the US Congress does not move quickly to extend the mortgage debt forgiveness tax provisions immediately, we could finish up with a stampede of US property owners walking away from their houses prior to December 31st 2012-with the net outcome reduced residential actual estate costs nationwide, that are brought on by a tidal wave of new residence foreclosures-or in this case deed in lieu of foreclosures. We’d call this a disaster, for the US housing markets, the US economy, and for all US property owners. We’d also get in touch with it a bipartisan should do-extend this now.” http://HomeownersConsumerCenter.Com

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Important Note from the Property owners Customer Center:”Who need to be worried about Congress, and the Obama Administration failing to extend the Mortgage Debt Forgiveness Tax Provisions? Answer: All US property owners who owe a lot more on their property than it is worth, all US genuine estate agents, all US Certified Public Accountants, all US tax planners, all US bankruptcy attorneys, all US banks, or mortgage lenders, all investors that personal mortgage back securities, and all US property owners who recognize a sudden surge of millions of US home owners walking away from their properties in December of 2012 additional devalue the already challenging hit US residential actual estate markets.” http://HomeownersConsumerCenter.Com

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On March 1st 2012, CNN Funds wrote, “The number of home owners who have fallen underwater on their mortgages-owing more than their properties are worth — climbed to 11.1 million in the final three months of 2011, a three.7% increase. Those in this upside-down position, also known as unfavorable equity, represent 22.eight% of home owners with mortgages. The count rose from 10.7 million borrowers (22.1%) only 3 months earlier, according to a report from CoreLogic.” The Homeowners Customer Center says, “Considering that the re-election of President Obama has anybody else noticed the lay off notices getting described in the enterprise sections of many US newspapers? What takes place to the 22.8% of all US homeowners, who are upside down on their house mortgage when they all of a sudden comprehend-if they never stroll away from their properties now-they may possibly get taxed on a principal reduction in 2013? At this moment we are saying if the US Congress, and the Obama Administration do not wake up now, and extend the Mortgage Forgiveness Tax Provisions now-we are going to have a truly big mess on our hands, and its going to begin extended prior to December 31st 2012.” http://HomeownersConsumerCenter.Com

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Connected Loan Modification Press Releases

Homeowners Consumer Center says Its Crucial Congress Extend The Mortgage Tax Forgiveness Provisions Now-Or Millions Of Upside Down US Home owners May well Stroll From Their Properties

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(PRWEB) November 26, 2012

The Homeowners Customer Center is urging the US Congress, and President Obama to right away extend the Mortgage Forgiveness Tax Provisions that are set to expire at midnight December 31st 2012. The group fears millions of US homeowners, who owe far more on their home than it is worth have no clue that without having this extension prior to midnight December 31st 2012, they could get a giant tax bill if they attempt to do a loan modification, a brief sale, go via a foreclosure in 2013-if a reduction in the principal of the mortgage is involved. The Home owners Consumer Center says, “We do not think most existing underwater US property owners realize that without this mortgage forgiveness tax provision extension they, or their neighbors are about to get hit with what could be a gigantic federal tax bill, need to they do a short sale, a loan modification, or a deed in lieu of foreclosure-that requires a mortgage principal reduction in what they owe their mortgage lender. With out an extension of this bill, anytime right after December 31st 2012, if a homeowner receives any variety of principal reduction from their mortgage lender-they are going to be taxed by the IRS on whatever the principal reduction was-as if it was income. Without an quick extension of this legislation we worry there could be a stampede of US home owners undertaking a deed in lieu, and walking away from their home prior to December 31st 2012.” http://HomeownersConsumerCenter.Com

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The Home owners Customer Center believes its not just the US home owners who owe much more on their properties than they are worth that will be the only casualties if the Mortgage Forgiveness Tax Provisions are not extended by the US Congress &amp the Obama Administration. The group believes further casualties incorporate:&#13

All US homeowners. The Homeowners Consumer Center says, “If we get millions of new deed in lieu of foreclosures prior to December 31st 2012 since the US Congress did not extend the Mortgage Forgiveness Tax Provisions-it lowers the value of all US residential real estate markets nationwide.” &#13
The thousands of real estate agents that specialize in quick sales would all of a sudden be unemployed. What homeowner is going to do a brief sale on their under water residence if they get taxed on the principal reduction-as ordinary income? &#13
Mortgage lenders, banks, mortgage brokers, and law firms that specialize in loan modifications will also be joining the unemployment lines-what homeowner-who owes far more on their residence than it is worth would want to do a loan modification if the principal reduction is taxed as ordinary earnings? &#13
A sudden influx of millions of instant deed in lieu of house foreclosures prior to December 31st 2012 could be disastrous for the US economy, and worldwide economic markets.

The Home owners Consumer Center says, “What occurs to the 22.eight% of all US property owners, who are upside down on their property mortgage when they all of a sudden realize-if they do not stroll away from their homes now-they may get taxed on a principal reduction in 2013, if they do a loan modification, a quick sale, a deed in lieu, or anything involving a principal reduction from their bank? At this moment we are saying if the US Congress, and the Obama Administration do not extend the Mortgage Forgiveness Tax Provisions now-we are going to have a gigantic mess on our hands, and its going to start off extended ahead of December 31st 2012.” http://HomeownersConsumerCenter.Com

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Chinese Drywall Complaint Center Now Calls No Extension of The Mortgage Forgiveness Debt Relief Act a New Nightmare for Homeowners Stuck in Toxic Chinese Drywall Hell

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(PRWEB) December 03, 2012

The Chinese Drywall Complaint Center is now warning all property owners in Florida, Alabama, Mississippi, Louisiana, Southeast Texas, and Virginia who have a mortgage on a property that includes toxic Chinese drywall that if the Mortgage Forgiveness Debt Relief Act is not extended prior to midnight December 31st 2012, they will be taxed on any mortgage principal reduction provided by their bank, or mortgage lender related to a brief sale, a loan modification, a deed in lieu, or a foreclosure-as if it was ordinary earnings-if the mortgage principal reduction is done anytime in 2013, and the bill collector will be the IRS. The Chinese Drywall Complaint Center says, “President Obama has yet to show up to the toxic Chinese drywall disaster in Florida, the Gulf States, and Virginia, he has not mentioned the toxic Chinese drywall disaster 1 time in public, there has been no meaningful response from the US EPA, and unless the US Congress extends the Mortgage Forgiveness Debt Relief Act-NOW- property owners stuck in toxic Chinese drywall hell could get a gigantic IRS tax bill if they get any sort of mortgage principal reduction from their bank, or mortgage lender in 2013-if they do a brief sale, a loan modification, a deed in lieu of foreclosure, and or a house foreclosure. We are calling this the ultimate nightmare for toxic Chinese drywall home owners. Not extending the Mortgage Forgiveness Debt Relief Act would be a disgrace for property owners stuck in toxic Chinese drywall hell in Florida, the US Gulf States, and Virginia.” http://ChineseDrywallComplaintCenter.Com

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On the topic of disgraces, the Chinese Drywall Complaint Center considers the Knauf Tianjin toxic Chinese drywall settlement to be a disgrace as nicely. The group estimates among Florida, Alabama, Mississippi, Louisiana, and Southeast Texas there are at least one hundred,000 properties that include this particular type of toxic Chinese drywall-generally intermixed with US made drywall. The Chinese Drywall Complaint Center is deeply concerned that the so named Knauf Tianjin toxic Chinese drywall Court Settlement lacked transparency, there was no concerted effort to determine all impacted homes, or residence foreclosures-with the net result only about 5% of the homes in Florida, or the Gulf states will be repaired, or will participate in this settlement. The Chinese Drywall Complaint Center says, “So what occurs to the 95,000 properties, condos, or town houses not integrated in the Knauf Tianjin settlement? They become foreclosures, they get resold to new unsuspecting home owners, and as soon as the new homeowner discovers the residence has Knauf Tianjin toxic Chinese drywall-the house becomes a foreclosure all over once again. We are in the strongest terms feasible urging Judge Fallon of the Federal District Court of New Orleans to re-open the identification period for properties that contain toxic Knauf Tianjin Chinese drywall till at least June 1st 2013. Incorporated in this settlement should be banks, and taxpayer owned Fannie Mae. Why need to bank stockholders, and taxpayers get stuck with the cost of either bulldozing, or paying for a very rigorous remediation of a toxic Chinese drywall residence foreclosure in Florida, or any other US Gulf state?” http://ChineseDrywallComplaintCenter.Com

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The Chinese Drywall Complaint Center says, “One particular a lot more disgrace that requirements to be mentioned about Knauf Tianjin toxic Chinese drywall-if this certain type of toxic Chinese drywall is toxic sufficient to consume by way of a copper air conditioning coil in about a year in a Florida house-what is exposure to this variety of drywall performing to the well being of the folks who live in these residences?” http://ChineseDrywallComplaintCenter.Com

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(United States District Court-Eastern District of Louisiana MDL Case #2047)

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Mortgage Forgiveness Debt Relief Act Extended for Homeowners

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Chicago, IL (PRWEB) January 22, 2013

The Federal Savings Bank believes that the avoidance of the fiscal cliff gave some home owners new life as the Mortgage Forgiveness Relief Act of 2007 was extended through 2013.

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The Mortgage Forgiveness Debt Relief Act of 2007 was sent to Congress on September 25, 2007, and was implemented as a law on December 20, 2007. The legislation gives relief to property owners who owed taxes on forgiven mortgage debt when they were near foreclosure.

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The extension of the legislation will give property owners who sell their major residence in a brief sale or drop their residence as a result of foreclosure the freedom of not becoming necessary to spend taxes on their losses. Although avoiding taxes, homeowners will also keep away from getting their credit score lowered by a foreclosure.

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Congress voted to pass an extension of the Mortgage Forgiveness Debt Relief Act as portion of tax bill H.R. 8. The act is now be extended till December 31, 2013, providing property owners who are underwater a chance to take into account other options as opposed to obtaining to opt forgo a quick sale or loan modification.

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“For distressed home owners, the extension of the Mortgage Debt Relief Act is wonderful news,” stated Dawn Wooldridge, CDPE of Keller Williams American Premier Realty. “Before this act, property owners would negotiate a loan modification or keep away from foreclosure by way of a short sale only to locate they owed an equally unmanageable tax debt afterwards.”

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Do your homework&#13

According to Forbes, home owners ought to do their homework if they plan on taking advantage of the Mortgage Debt Relief Act. Mortgage refinancing has become much more popular and could be a sensible option for several Americans who are searching to spend less than they have in the previous.

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“I’m committed to assisting home owners who are struggling,”

Property owners Customer Center Warns All US Homeowners About A Large Situation Facing Them On January 1st 2013 -AKA- The Mortgage Debt Forgiveness Tax Provisions – Help Wanted

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(PRWEB) November 13, 2012

The Property owners Customer Center is a single of the premier advocates for US property owners, and the group is warning issues are about to get considerably far more complex for the US housing market place, and all US property owners if the US Congress, and President Obama fail to extend the Mortgage Forgiveness Tax Provisions. With out an extension, borrowers who get reductions in mortgage principal next year in the procedure of a brief sale, loan modification, foreclosure, or deed in lieu of foreclosure would be hit with federal earnings taxes at their standard marginal rates on the amounts forgiven. The Home owners Consumer Center says, “The US housing marketplace needs stability. We do not think most present underwater US property owners realize that without this tax provision extension they, or their neighbors are about to get hit with what could be a gigantic federal tax bill, ought to they do a quick sale, a loan modification, or a deed in lieu of foreclosure-that involves a mortgage principal reduction in what they owe their mortgage lender. Without an extension of this bill, anytime following December 31st 2012, if a homeowner receives any sort of principal reduction from their mortgage lender-they are going to be taxed by the IRS on what ever the principal reduction was-as if it was earnings. Without having an quick extension of this legislation we worry the US housing marketplace gets much, a lot worse-not greater. How is that Forward?” http://HomeownersConsumerCenter.Com

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On March 1st 2012, CNN Funds wrote, “The number of property owners who have fallen underwater on their mortgages-owing a lot more than their properties are worth — climbed to 11.1 million in the last three months of 2011, a three.7% enhance. These in this upside-down position, also called adverse equity, represent 22.eight% of property owners with mortgages. The count rose from 10.7 million borrowers (22.1%) only three months earlier, according to a report from CoreLogic.” The Property owners Customer Center says, “Given that the re-election of President Obama has any person else noticed the lay off notices becoming described in the organization sections of many US newspapers? We have, and lay off notices, are not a very good issue for consumer self-assurance. What happens to the 22.8% of all US property owners, who are upside down on their mortgage when they all of a sudden understand if they do not walk away from their homes now-they may get taxed on a principal reduction in the future? Given the Fiscal Cliff our nation faces on December 31st 2012, everyone should be worried about the US Senate majority’s push for higher taxes on the quote wealthy, what this will imply to the fragile US economy, tiny firms, and US employment. Nonetheless, at this moment we are saying if the US Congress, and the Obama Administration do not wake up, and extend the Mortgage Forgiveness Tax Provisions now-we are going to have a truly big mess on our hands, and its going to begin long prior to December 31st 2012.” http://HomeownersConsumerCenter.Com

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Note from the Home owners Customer Center, “We know there are many US homeowners out there who do not really feel like homeowners who are upside down on their mortgages ought to get any breaks at all-we get that portion. Even so, the reality is if we have a new tidal wave of immediate deed in lieu of foreclosures-exactly where the homeowner sends their keys back to the mortgage loan servicing organization, all US home owners get hammered with reduce home values. We do not feel anybody in their correct mind would want that.” http://HomeownersConsumerCenter.Com

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Quick Sale Specialist, Ivan Caudle, Announces that the Time is Correct for Short Sales as the Debt Forgiveness Law Survives

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Reno, NV (PRWEB) February 14, 2013

Thanks to the survival of the Debt Forgiveness Law, short sale opportunities are shining and sparkling brighter than the lights of the worlds biggest little city. Reno location brief sale skilled, Ivan Caudle, is offering free of charge consultations to help property owners in figuring out if a quick sale is the very best choice for them. His website now functions a brief sale selection maker calculator. This technology will take the information for any property, including a homeowners loan info and then automatically calculates the length of time and the quantity of cash necessary prior to a borrower is no longer in a unfavorable equity position. These calculations are shown primarily based on several rates of appreciation in order to give property owners as much information as attainable.

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Specializing in Reno brief sales, Caudle is an experienced agent in helping home owners eliminate debt without having bankruptcy and keep away from foreclosure. In these economically trying occasions, possessing Reno, Nevadas short sale expert offer to let clients pick his brain for free of charge is a present the public shouldnt pass up! Ivan encourages homeowners to call for a no obligation consultation. He states, Ask me as several questions as you have! I will guide you to see if you qualify for a brief sale or if another choice is very best for you. Ivans whole team is excited to use their expertise to aid alleviate the stress of todays property owners. My staff and I have aligned ourselves with a prime group of specialists to ensure homeowners get help in every way possible to keep away from foreclosure, states Caudle. &#13

For much more information on how Ivan Caudle and his team are utilizing this debt forgiveness window, visit http://www.RenoSparksShortSaleAgent.com.

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About Ivan Caudle:&#13

Ivan Caudle is Renos best brief sale specialist. He is a Short Sale and Distressed House Expert (CDPE) and a Quick Sale Foreclosure Resource (SFR). He also specializes in loan modifications and the foreclosure process. Ivan has an impressive track record for acquiring clients Release of Liability approvals. He and his group are dedicated to assisting property owners find the relief they need. For more data, visit http://www.ivan4shortsales.com or http://www.renosparksshortsaleagent.com.

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McGeough Lamacchia Realty Negotiates More than $100 Million in Total Mortgage Debt Forgiveness for Short Sale Clients

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Waltham, MA (PRWEB) December 18, 2012

McGeough Lamacchia Realty, a full service true estate agency serving Massachusetts and New Hampshire, announced these days that they have successfully negotiated just more than $ one hundred million so far in total mortgage debt forgiveness for their brief sale consumers because they began performing quick sales in 2007.

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A quick sale is the process of promoting residence for significantly less than the balance remaining on the mortgage. The quick sale division of McGeough Lamacchia along with Dorner Law and Title Solutions operates with banks to get the remaining balance forgiven for their clientele, which is stated in the brief sale approvals. The amount of forgiven debt is the distinction between the quantity a homeowner owes on his or her mortgage and the amount the mortgage firm receives after closing.

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For example, a homeowner does a quick sale and sells his or her residence for $ 300,000. If the outstanding balance on the mortgage is $ 400,000, in addition to six months of late payments and late fees, the homeowner may possibly actually owe the bank far more like $ 418,000. With a 6 percent sales commission and around $ five,000 in closing expenses, an further $ 23,000 would come out of the residence sale value, so the bank would get $ 277,000 at closing. The remaining balance the bank would forgive in this example would be the distinction between the total amount owed to them ($ 418,000) and what the bank receives right after closing ($ 277,000) which would be $ 141,000.

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McGeough Lamacchia has successfully completed over 1000 quick sales considering that late 2006. On typical, McGeough Lamacchia quick sale clients get $ 107,065 forgiven.&#13

John McGeough and Anthony Lamacchia, co-brokers and owners of McGeough Lamacchia Realty, did their very first brief sale back in late 2006 and then a few more in 2007. When the housing crisis hit in 2008, there was a jump in the quantity of property owners who owed a lot more than what their residences have been worth, so the need to have for home owners to do brief sales enhanced. As McGeough Lamacchia Realty started to do much more quick sales, they perfected the quick sale process and established contacts with banks to get far more approvals. McGeough Lamacchia have performed a number of short sales with every significant bank and servicer there is, including Bank of America, Chase, Citi, Sovereign, Wachovia, Green Tree and many much more.

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For homeowners who can no longer afford their houses, there are numerous positive aspects to doing a short sale rather than enabling the house to fall into foreclosure. The homeowner who does a quick sale can repair his or her credit sooner as effectively as obtain a property again sooner than with a foreclosure. A homeowner avoids obtaining evicted from the house, and in several situations a quick sale makes it possible for a homeowner to get relocation help. After foreclosure, banks will frequently pursue the home owners for the remaining debt. For its brief sale clientele McGeough Lamacchia negotiates with banks to get the remaining mortgage debt forgiven, which is another advantage of performing a short sale rather than foreclosure.

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In 2012 over 31 % of McGeough Lamacchia short sale clients also received cash incentives to do short sales. All significant servicers are now offering money to homeowners to do a brief sale via the HAFA (House Inexpensive Foreclosure Option) plan rather than enable their properties to go into foreclosure. The HAFA quick sale program beneath HAMP (House Inexpensive Modification Plan) delivers $ 3,000 in relocation assistance. Some key banks such as Bank of America, Chase, and Citi are paying their own incentives on their loans. Last year Chase began offering the largest short sale incentives, which can be as significantly as $ 45,000. Banks supply cash incentives due to the fact with a quick sale banks can stay away from the legal expenses of foreclosure. Quick sale residences are in far better condition than foreclosed houses and banks can sell them for a higher price tag, at least 25 % larger than foreclosed houses.

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Obtaining debt forgiven for doing a short sale permits distressed homeowners to commence more than. However, the Mortgage Forgiveness Debt Relief Act, which relieves these home owners from possessing to spend taxes on the quantity of debt that was forgiven, is set to expire December 31, 2012. If the Act is not extended, these home owners who short sell their property will have to pay tax on the quantity forgiven by the lender via the quick sale procedure. Since one of the major rewards of undertaking a short sale is getting the deficiency balance forgiven, McGeough Lamacchia Realty is urging Congress to extend the Mortgage Forgiveness Debt Relief Act as quickly as attainable. The National Association of Realtors

Property owners Consumer Center Fears Millions of Underwater US Property owners Could Owe New IRS Taxes If Obama and Congress Fail To Extend Mortgage Forgiveness Debt Relief Act

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(PRWEB) December 20, 2012

The Homeowners Consumer Center is urging President Obama, and the US Congress to immediately extend the Mortgage Forgiveness Debt Relief Act now, ahead of time to do so comes, and goes. Without having an extension of this law over ten million existing US homeowners, who owe far more on their house than it is worth could get hit with a enormous IRS tax bill, should they do any variety of loan modification, a deed in lieu of foreclosure, a short sale, or anything else that entails a mortgage principal reduction from their mortgage lender in 2013. The Home owners Consumer Center says, “We worry most US property owners are not conscious of the truth that without having an extension of the Mortgage Forgiveness Debt Relief Act by President Obama, and the US Congress, any sort of principal reduction by a bank involving a loan modification, a brief sale, a deed in lieu of foreclosure, or foreclosure will be treated as ordinary earnings by the US IRS. Just as an example if you live in Las Vegas, Los Angeles, Oakland, Miami, Chicago, Cincinnati, Phoenix, Saint Louis, Atlanta, Minneapolis, Memphis, Boston, or any other US city, and town, and your lender, or mortgage loan servicing firm agrees to a mortgage principal reduction as part of a loan modification, or a short sale-the mortgage principal reduction will be treated by the IRS as ordinary revenue by the US IRS. Is this actually what President Obama meant when he mentioned Forward for the duration of his 2012 presidential campaign?” http://HomeownersConsumerCenter.Com

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According to Bloomberg News on November 29th 2012, “The Mortgage Debt Relief Act of 2007 enables borrowers to avoid paying revenue taxes on the amount of principal thats forgiven as part of a loan modification or in the course of a brief sale in which they sell their houses for significantly less than they owe. If the measure expires, home owners would have to count such debt reduction as money they earned.” http://HomeownersConsumerCenter.Com

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The Property owners Consumer Center believes casualties from President Obama, and the US Congress failing to extend the Mortgage Forgiveness Debt Relief Act will incorporate:&#13

The Homeowners Consumer Center says, “What happens if President Obama’s Tax the Rich presidential campaign theme backfires, and the US economy tanks since of elevated taxes on little enterprise owners, or farmers? We think unemployment goes up. We also feel upside down homeowners will be forced to stroll away from their homes in droves. How does a newly unemployed person spend his, or her principal reduction IRS tax bill, if they no longer are employed?” &#13
More US property foreclosures, and far more instability in the US housing markets. &#13
Thousands of real estate agents that specialize in short sales could suddenly be unemployed. What homeowner is going to do a short sale on their below water house if they get taxed on the principal reduction-as ordinary earnings? &#13
Mortgage lenders, banks, mortgage brokers, and law firms that specialize in loan modifications will also be joining the unemployment lines-what homeowner-who owes more on their residence than it is worth would want to do a loan modification, if the principal reduction is taxed as ordinary revenue?

The Property owners Consumer Center says, “What happens to the 22.eight% of all US homeowners, who are upside down on their house mortgage when they all of a sudden understand-if they never stroll away from their houses now-they may well get taxed on any sort of principal reduction in 2013, if they do a loan modification, a brief sale, a deed in lieu, or something involving a principal reduction from their bank? At this moment we are saying if the US Congress, and the Obama Administration do not extend the Mortgage Forgiveness Debt Relief Act-now-its not just rich men and women who could be facing a enormous tax improve in 2013, it could also be almost 25% of our nations homeowners.” http://HomeownersConsumerCenter.Com

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Mortgage Debt Forgiveness and Its Influence on Californians Completing a Brief Sale, According to ACL Real Estate and Property Management

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Hayward, Oakland, Dublin, California (PRWEB) January 08, 2013

The newly extended law is due to expire December 31, 2013. This law tends to make 2013 a single of the greatest years to comprehensive a short sale or obtain a residence by means of short sale and rent out.This law will continue to make eligible homeowners exempt from getting taxed on the debt that was forgiven by the bank in a Brief Sale or Loan Modification.

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Pease Limitations, which had been also element of the all round agreement, had been fully repealed for most folks. Pease Agreements permitted the reduction of worth on items via line item reductions. The new restrictions now apply to these who make $ 250,000.00 as individuals and $ 300,000 as married couples.

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The passing of the law now eases the impact a non-passed law would have had on the Mortgage Interest Deduction vs. an actual dollar deduction limit, percentage deduction limit, and the general Mortgage Interest Deduction shall be claimed under the passed legislation.

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ACL True Estate and Home Management will continue to supply updates as they turn out to be obtainable.

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ACL Real Estate and Home Management is a full service Bay Region Brokerage that specializes in Promoting and Managing Single Household, Multi Family units. The Service Places Are Which includes but not restricted to: East Bay Location, Alameda Counties, Contra Costa Counties, San Mateo Counties. Berkeley, Oakland, Hayward, San Leandro, Castro Valley, Fremont, Sunnyvale, San Mateo, and a lot of more.

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Complimentary Report released to help Distressed Property owners realize the Mortgage Forgiveness Debt Relief Act extension

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Baltimore, Maryland (PRWEB) March 19, 2013

On January 1, 2013, Congress passed an extension of the Mortgage Forgiveness Debt Relief Act as portion of tax bill H.R. 8, the bill addressing the fiscal cliff. Originally passed in 2007, this act exempts struggling property owners from paying taxes on debt forgiven in a quick sale, foreclosure, or loan modification.

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The bill extends the act through December 31, 2013, allowing underwater home owners to after once more pursue alternatives to foreclosure, such as brief sales or loan modifications, with no the worry of owing thousands and taxes.

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Sadly, some six years into the housing collapse it is reported that 7 out of ten house owners that locate themselves facing foreclosure finish up losing their house to foreclosure without ever realizing that other choices had been offered to them.

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For distressed property owners, the extension of the Mortgage Debt Relief Act was amazing news. Prior to this act, property owners would negotiate a loan modification or avoid foreclosure via a brief sale only to uncover they owed an equally unmanageable tax debt afterwards, The largest difficulty I have seen is that individuals don’t totally understand the benefits of this system and hopefully my complimentary report will answer some of their concerns says Dan McDevitt, Certified Distressed House Expert with Remax Very first Selection in Baltimore, MD

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As a Certified Distressed Home Specialist (CDPE), Dan McDevitt, Baltimore Brief Sale Realtor is specially trained to aid property owners who discover themselves facing foreclosure. Im committed to helping home owners who are struggling, McDevitt stated. As well often, property owners facing foreclosure think there is nothing they can do, but there is.

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In fact, the choices offered to home owners are far better than ever. Lenders comprehend how a lot foreclosures expense, and increasingly favor brief sales and other options more than letting a home go to foreclosure. Lenders are more prepared than ever to operate with property owners, stated McDevitt

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Dan McDevitt has created this complimentary report with much more info on the Mortgage Forgiveness Debt Relief Act and the choices accessible to property owners facing foreclosure. a copy of this report is also accessible from His site, http://www.BaltimoreAreaShortSales.com.

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About&#13

Dan McDevitt is a Realtor affiliated with Remax Initial Selection in Baltimore, MD that specializes in functioning with distressed property owners to assist them in discovering a dignified remedy to foreclosure. Given that 2006 when the housing market began its eventual collapse his team has helped more than 200 households in the Baltimore region stay away from the devastating effects of foreclosure.

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