BLOG SERIES - SHORT SALE FAQ #10 - "When does The Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act of 2007 Expire?" - Applies to Granite Bay CA, Roseville CA, Rocklin CA, Folsom CA, Lincoln CA and all of California
As aÂ Granite BayÂ California and Surrounding AreaÂ Short Sale Listing Agent, I get many questions regarding the process, lenders, what course of action should be taken...Â There are an endless number of questions that come up.Â So, I decided to start a BLOG series regarding those Short Sale questions that I get asked.Â Links to past Short Sale FAQ's are below.Â Â My intention is toÂ try to paraphrase the Short Sale question and provide the simplest answer I can.
That said, here is the next one that I get from Sellers and the General Public a lot:
When does the "Tax Relief" period end if I decide to short sale my home?Â ANSWER -- It applies to qualified principal residence indebtedness forgiven in calendar years 2007 through 2012. his provision applies to debt forgiven in calendar years 2007 through 2012 (The property MUST be SOLD and recorded by December 31st, 2012). More information, including detailed examples can be found in Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments. Also see IRS news release IR-2008-17.
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Short Sale FAQ's #9 - What do I write in a Hardship Letter?
Short Sale FAQ's #8 - What will I owe the Bank?
Short Sale FAQ's #7 - What is the Mortgage Forgiveness Debt Relief Act of 2007?
Short Sale FAQ's #6 - Is it "Right" to Short Sale?
TEAM Patterson Realty and Ken PattersonÂ is synonymous with underwater mortgage assistance and short sales inÂ Granite BayÂ CA.Â as well as understanding Loan Modification Help for your home in Granite Bay CA.Â We can help with the sale of your home regardless of your situation - Traditional Sale, Short Sale, Family Property Sale though a Trust -Â just ask for our references!!
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