Posted by: phillipsre | January 25, 2013

Good News For Distressed Property Owners

The story of short sales and foreclosures is one that a lot of people are all to familiar with, and now because the last-hour vote in Congress to avoid the “fiscal cliff”, they  included a provision that extends the Mortgage Forgiveness Debt Relief Act through 2013.

The debt relief act, which was scheduled to expire at the end of 2012, waives forgiveness of mortgage debt from being counted as taxable income by the Internal Revenue Service. For more information on what that means for distressed property owners, click on this link.

 

 

 

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