This is a gift! Get off the fence and get out from underneath thes 4 wall fiscal anchors! Get smart and get on the path to recovery. 
 
Happy New Year!!  Great news for our Short Sale clients – Congress was able to include the extension of the Mortgage Forgiveness Debt Relief Act in the fiscal cliff deal.  Below is an excerpt from a newspaper article.  For the full article see: http://www.housingwire.com/news/2013/01/02/mortgage-industry-fares-well-fiscal-cliff-deal-debt-forgiveness-law-survives
 
“One of the more watched provisions of the fiscal cliff was the Mortgage Forgiveness Debt Relief Act of 2007, which was set to expire on Dec. 31.  The fiscal cliff deal extends it for another year, meaning homeowners who experience a debt reduction through mortgage principal forgiveness or a short sale are exempt from being taxed on the forgiven amount.
"The amount extends up to $2 million of debt forgiven on the homeowner's principal residence," Compass Point Research & Trading said. "For homeowner's to qualify, their debt must have been used to 'buy, build, or substantially improve' their principal residence and be secured by that residence. The law, which was passed in 2007 with a 5-year sunset provision, will now be in effect until Jan. 1, 2014."”
 
Contact
Samuel Cachola
Broker@RealityRealtyPros.com
703-785-1158