Mortgage Forgiveness Debt Relief Act Expires in 2012

Mortgage Forgiveness Debt Relief Act Expires in 2012.  Short sales can take 2-8 months.  Most of ours are being completed in 90 days but a rare few are taking 6+ months.  This debit relief act will save you a lot of money and is something to really consider as to why you need to short sale now rather than later in the year.


Again, I am not a tax advisor, so please consult your tax advisor for better explanation.  

Two ways to avoid paying taxes on your deficiency that was waived:  

- If it was your primary residence - The Mortgage Forgiveness and Debt Relief Act and Cancellation expires in 2012

- Insolvency - Your liabilities are more than your assets 

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