According to the article – the Re-Approval or Extension of the Short Sale Debt Forgiveness is going to be an uphill fight. This is an election Year. If the incumbent wanted to be a “savior” it would be extended. But there are powers at play that I don’t have enough college to understand 🙂
When it comes to short sales, since 2007, there was the renewal each year for the Debt Forgiveness act. In layman’s terms – if you short sale your home you will not be taxed between what you owed and the price the home, condo or town-home sold for.
This was one of the biggest selling points of a Short Sale. This is because to have to pay, in some of our clients cases, tax on 500K – which was the difference in what was owed and what the short sale was settled for – it is unfathomable.
Is has nothing to do with “right or wrong” – it is a current event. Something where we find a market saturated with the majority of the listings being short sale in nature. The economy is not the best. People made mistakes. Unemployment is high – Jobs are hard to find – creating a Death and Divorce rate that is higher than normal.
These are the four main reasons that people come to The Paris911 Team at REMAX to Short Sale their homes. Death, Divorce, Disease and Job Loss. The three D’s with one J. Watch out – get the best advice possible and make sure your Short Sale is going to be handled in the way in which you want.