Wednesday, February 3, 2016

Much anticipated Mortgage Debt Relief Extension signed through 201, with provisions ...

It has been rep[orted that President Obama signed a bill on December 18, 2015,  that extended the Mortgage Forgiveness Debt Relief Act through December 31, 2016. The extension also retroactively covers mortgage debt cancelled in 2015.  In fact, Turbo tax is reporting the same and you can read more information here:

The Mortgage Forgiveness Debt Relief Act of 2007 (MFDRA) protects homeowners who have undergone the short sale process from being taxed on the amount of their home mortgage debt that had been forgiven provided certain provisions are met. The recent extension has been met with open arms by many Owners patiently awaiting the signing.

If you are interested in learning more about Short Sales, consult an Attorney or CPA for tax advice however your next best option is to work with a Realtor who is experienced to ensure the best possibility for success in your endeavor.

Roger A. Sullivan