Mortgage Forgiveness Debt Relief Act


Mortgage Forgiveness Debt Relief Act of 2007 survives the fiscal cliff! This was set to expire December 31, 2012 and has now been extended through January 1, 2014

What this means for the homeowners that are experiencing financial difficulties in keeping their head above water with their mortgages is that they won’t have an additional burden of paying income on their forgiven debt.  When a home is sold through a short sale, and a portion of the mortgage is written off, normally the homeowner would have to claim that difference on their income tax as income.  Through the Mortgage Forgiveness Debt Relief Act you will have until January 1, 2014 to sell your home through sale or deed in lieu and not have to worry about paying income tax on the amount that was forgiven.

In order for homeowners to qualify for this Mortgage Forgiveness Debt Relief Act, the home must be your principal residence.

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RealtorRose

I am a NYS Licensed Associate Broker affiliated with Barbara Corregano Real Estate. As a full service realtor I will be with you every step of the way from our first meeting to the last, the final closing of your property! The wishes and desires of my clients are a priority to me. With 92% of buyers and sellers starting their search on the Internet, my marketing strategy is heavily focused on just that! As a native Staten Islander I know all the nooks and crannies of the Island and pass that knowledge on to everyone I am working with. A professional with expert negotiating skills and a keen knowledge of the real estate market is someone you want on your side of the real estate transaction. I pride myself in going above and beyond and giving you the customer service you deserve. Feel free to see what your Staten Island home is worth, search for homes in Staten Island or contact me for questions or assistance at 917-846-5795

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