Do you owe more than your home is worth?
Are you struggling to make payments?
Have you been thinking about short selling but don’t know where to start? 
Your chance to short sell and still seek tax relief is disappearing quickly. The Mortgage Forgiveness Debt Relief Act allows you to avoid paying taxes on mortgage debt forgiven by your lender.
This relief will only last until the end of 2012.
Short selling is never ideal, but it is a lot easier than it has ever been. The average length of time to short sell has dropped and lenders are getting better about closing short sale transactions.
Here’s a little more background: Since 2007, the Mortgage Debt Relief Act has allowed owners selling their homes through a short sale to do so without having to pay tax on the amount their mortgage holders forgave them. In previous days the money that the bank forgave on the loan would have been considered by the IRS as some sort of income on which you must pay taxes!
That will end December 31, 2012, giving homeowners until the end of this year to get out from under their debt without facing tax consequences.
Real estate brokers and agents specializing in the listing and sale of short sales have become the busiest in the industry. The moral here is that if you are going to do a short sale, do it now. While most short sales take 3-4 months, some can take longer. You do not want to be sweating out a December 31st closing.
Call us today at 602-456-9388 and we can make it happen for you!
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