Mortgage Debt Relief Act Extended News
Folsom Short Sale Agent and Experienced Folsom Short Sale Specialist answers the question: Has the Mortgage Debt Relief Act Been Extended? Here’s some good news for financially stressed homeowners looking for options: Five years ago, Pres. Bush Signed the Mortgage Debt Relief Act of 2007, that would prevent households from having to treat certain types of forgiven mortgage debt as taxable income. Prior to the law being passed, homeowners owed taxes after a short sale, taxes after a foreclosure and taxes on a loan modification. The Mortgage Debt Relief Extension could ultimately affect millions of families who are underwater on their loans, and heading for foreclosure, short sales or deeds-in-lieu of foreclosure settlements and loan modifications. Under the federal tax code,...
Folsom Short Sale Specialist Reports Information and Stats
[caption id="attachment_2197" align="aligncenter" width="300" caption="Folsom Short Sale Graph For February 2010 From Trendgraphics"][/caption] Folsom Short Sale Help, Folsom Short Sale Statistics and Folsom Short Sale Information The increase in approved short sales or, pending short sales in Folsom are more proof that the administration's pressure on servicers and banks to increase the number of approved short sales and loan modifications is working. Why dont they work? Read; Sacramento Real Estate: Loan Mods Would Stop Many Sacramento Foreclosures For the second time in sixty days, the number of short sales gone pending here in Folsom have increased dramatically month over month. They are still a smaller portion of our market mix than in many other Sacramento areas, but are becoming way...
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