Home > Blogs > Georgia > Gwinnett County > Buford > Will Mortgage Forgiveness Debt Relief Act Be Extended? Buford Dacula Atlanta Short Sale Home owners need to act NOW
58,535 views

Roland Lorans Team - 770-866-2561

Sell My House Fast GA Home Selling Expert TEAM

By Roland Lorans | Agent in Dacula, GA

Will Mortgage Forgiveness Debt Relief Act Be Extended? Buford Dacula Atlanta Short Sale Home owners need to act NOW

Will Mortgage Forgiveness Debt Relief Act Be Extended? Buford Dacula Atlanta Short Sale Home owners need to act NOW

The Roland Lorans TEAM believes the Mortgage Forgiveness Debt Relief Act of 2007 will be extended past its current expiration scheduled for the end of the year. As a reminder, the legislation ensures that homeowners who received principal reductions or other forms of debt forgiveness on their primary residences do not have to pay taxes on the amount forgiven.

The reason this act is important in today’s housing market is that, without the act, debt reduced through mortgage modifications or short sales qualifies as income to the borrower and is taxable. If the legislation is not extended, then it would require homeowners to complete a short sale or modification prior to year’s end in order to avoid a tax consequence.

The Consultation is FREE!

Please call The Roland Lorans

Award Winning Real Estate TEAM Today
Keller Williams Lanier Partners
24/7 Free Recorded Message at 770-866-2561

Fax: 678-262-2363

Rlorans@gmail.com

Get FREE valuable Information
www.GAHomesTEAM.com

Gwinnet County Foreclosures

Gwinnett County Foreclosed homes

Buford Dacula Suwanee Georgia Foreclosures

Buford Dacula Suwanee GA Foreclosed Homes Foreclosures

Buford Dacula Suwanee Foreclosured Homes

Buford Dacula Suwanee GA Bank Owned Homes

Serving Gwinnett County Real Esate, Dacula, Duluth, Buford, Lawrenceville,

Suwanee, Chateau Elan and more. Gwinnett and North Fulton

areas covered as well as South Hall, Jackson and Barrow Counties

POST
 
Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer