Mortgage Forgiveness Debt Relief Act Extended for One Year

by Michelle Gibson, REALTOR® on January 3, 2013

The Mortgage Forgiveness Debt Relief Act has been extended another year until January 1st, 2014! For those unfamiliar with the Mortgage Forgiveness Debt Relief Act it is a provision that prevents homeowners from having to pay income taxes on the portion of their mortgage that is forgiven in a short sale, principal reduction or foreclosure. This is great news for Wellington homeowners who need to do a short sale.

Wellington Short Sale | Mortgage Forgiveness Debt Relief ActIf you are considering short selling your Wellington home contact us today! To learn more about Wellington short sales visit: Wellington Short Sale Q & A

Take a sneak peek at our comprehensive marketing plan that is sure to get your Wellington home SOLD! Wellington Short Sale Marketing Plan

For more information about the Mortgage Forgiveness Debt Relief Act visit:
http://www.irs.gov/Individuals/The-Mortgage-Forgiveness-Debt-Relief-Act-and-Debt-Cancellation

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