Foreclose or Short Sale before 2012 - The Mortgage Debt Relief Act North Scottsdale Real Estate

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The Mortgage Debt Relief Act of 2007 is the prefect example of strength in numbers. With so many individuals and families going through either foreclosure or a short sale, the Government is making an exception to their standard policy of treating forgiven debt as income.

The Mortgage Debt Relief Act of 2007 is over at the end of 2012, which implies that if you are going to go through a short sale or a foreclosure on your primary residence you better do it soon. Talk to your accountant. The following video talks about some of the highlights of the Mortgage Debt Relief Act of 2007.


For specifics on The Mortgage Debt Relief Act of 2007 straight from the horses mouth visit the IRS website at http://www.irs.gov/individuals/article/0,,id=179414,00.html

Category:

News & Politics

Tags:

• Mortgage Debt Relief
• North Scottsdale Real Estate
• Taylor Lapidus
• Steven Stillwater
• The Precision Team
• Debt Forgiveness
• Foreclosure
• Short Sale
• Loan Deficiency
• Principal Deficiency
• tax on debt settlement

[rinehartnewell]

My uncle was facing foreclosure, but he was able to do a short sale on his house, which ended up being much better for his credit. He even got a couple thousand dollars to help him move through the govt's HAFA program. I think the company he used was called something like shortsalecenter(dot)net.

[inspirediam]

My problem is that my property is worth more than is owed; thus, the bank comes out ahead to deny me for the HAMP program, and to foreclose. GMAC Mortgage did not follow the guidelines of the MAKING HOME AFFORDABLE PROGRAM. And, the government does not enforce the guidelines be followed by the BIG BANKS that have been BAILED OUT.  I want to sue GMAC Mortgage; however, this is too leading edge, most people just hope to modify, sell, or simply leave. Predatory Banking Practices in action.

[vladimir4055]

Thank you so much for the video you made, great info.

Does it apply to all states?

Thank you.