The Mortgage Debt Relief Act Expires Dec 31, 2012
The Mortgage Debt Relief Act expires December 31, 2012. That means that this is the last year you can do a short sale and avoid having to pay income taxes on the debt forgiveness of the short sale.
And since most short sales take 4-6 months to close escrow, time is running out to do a successful short sale.
If you plan on doing a short sale this year, you need to get started as soon as possible to make sure your short sale closes escrow in 2012.
To get started or for more information, call The Battiata Real Estate Group at 1-800-980-0628.