Cape Coral short sales, Fiscal Cliff & the The Mortgage Forgiveness Debt Relief Act?
Yeah, you read that all right….we just learned that the The Mortgage Forgiveness Debt Relief Act that ended Dec 31, 2012 was put back in place inside of the Fiscal Cliff package that just passed into law. The current extension is good through Dec 31, 2013 now.
What does that mean for you? Well if you have been on the fence about putting your Cape Coral house on the market as a short sale now may be the time to do so.
The great thing about this Act is that is allows most people the opportunity to waive any federal taxes on the forgiven debt in their short sale. Remember folks, whether or not your lender gives you a 1099 for the forgiven debt the IRS still considers all forgiven debt as regular income. This could really change your tax liability. But now many homeowners will get relief from that potential tax bill.
If you need more information on a Cape Coral short sale I’d love to chat with you. I’ve personally handled well over 100 short sales in our area and can probably help you too.
I’ve dealt with all the major lenders like Bank of America, CitiBank, Wells Fargo, Chase, SunTrust and a ton of the smaller lenders as well. I’ve dealt with short sales with 1 lender, with 2 lenders and with liens. There isn’t much I haven’t seen in the past few years in way of short sales.
Feel free to call or email me with any questions or to get started.
I look forward to helping you in this challenging time.
p.s You can read the original article I wrote, along with IRS links: Short Sale Mortgage Forgiveness Debt Relief Act
Or to get started with a short sale now: Cape Coral Short Sale
Yours in Success,
The Florida Future Realty Team
Ask for our information packet to be emailed directly to you or call our broker, Susan Milner, to have your specific questions answered!
After hours, call Susan Milner on her personal cell phone at (239) 218-2229 or email directly to Mail@SusanMilner.com
~ Before you decide to sell your house as a short sale we recommend you contact BOTH a CPA/tax professional & an experienced Attorney to discuss YOUR specific situation. Laws & guidelines change frequently and you want to be sure a short sale is in YOUR best interest! ~