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Helene Moore's Blog

By Helene Moore | Agent in Las Vegas, NV

SHORT SALES AND THE MORGAGE FORGIVENESS ACT 2013


Dear Homeowners,

I wanted to reach out to you and let you know that in an effort to assist homeowners in Nevada, Windermere Real Estate has made arrangements with several attorneys to offer a free legal consultation to homeowners who are currently upside down in their home or their investment properties.


The Mortgage Debt Relief Act which was enacted on December 20th, 2007 allowing taxpayers to exclude income from the discharge of debt on their principal residence was set to expire in December, 2012 . However, the Mortgage debt Relief Act has been extended.

The Mortgage Debt Relief Act provides forgiveness for the following criteria:


•Calendar years 2007 through 2013
•Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately).
•The exclusion only applies with forgiveness directly related to a decline in the home’s value or the taxpayer’s financial condition.


This is such great news for homeowners who would consider short selling their home. Homeowners could receive:


•Relief from any deficiency as well as forgiveness of any tax due.
•Moving cost assistance. In some cases with the HAFA program (Home affordable foreclosure alternative), or a cooperative short sale, homeowners receive a moving allowance.

If you or someone you know may benefit from these programs please let me know. Windermere will make arrangements for the client to see an attorney to get a professional recommendation on what is the best option for their specific situation.


Let me know if this would be of value to you, your friends or associates. Call or email me with questions.

Helene M Moore
Windermere Prestige Properties
helenem@windermere.com

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