Congress approved the other day the extension of the Mortgage Debt Relief Act until 2014. This is awesome news for those homeowners who are upside down on their home and thinking about doing a short sale.
In a nut shell, the government is encouraging you to do a short sale. They are saying you do not have to pay taxes on the amount that is forgiven, if its your primary residence. If your home is not your primary residence there are other ways you do not have to pay taxes either.
For more information on whether or not you qualify for a short sale email me at nate@1245team.com or call me 703-725-2929
I look forward to chatting with you about your options.
