As many people partied on December 31st 2012, distressed homeowners across the United States looked towards 2013 with a mix of dread and anticipation as the Fiscal Cliff loomed because it looked like Congress and the President were not going extend the Mortgage Debt Forgiveness Act.
Short Sales Will Continue In 2013
Thankfully a deal was reached on January 2nd 2013 which extended the mortgage debt forgiveness act which will make it possible for distressed homeowners across the United States to choose Short Sales or Foreclosures to get out from under their distressed homes without facing the prospect of getting taxes on the remaining mortgage balance, on their homes.
Any homeowner who Short Sells their primary home in 2013 will continue to enjoy the benefit of the mortgage debt forgiveness and they wont have to concern themselves with paying taxes on mortgage debt that’s forgiven.
Time To Short Sell Now
During the last few months of 2012 the real estate market saw fewer Short Sales as more homes gained equity and the job market improved. Any homeowner who is considering short selling in 2013 should move forward and start the Short Sale process now because, the current extension of this important piece of legislation will only last until January 1st 2014 and it’s not certain if it will be extended again next year.
Short Sale Key To Success
For those homeowners in Orange County who are considering Short Sales, the key to success with having a Short Sale approved quickly is to find an experienced Short Sale agent who has verifiable experience and understands the local market.
To learn more about Short Sales in Orange County, or to view the latest Short Sales that are available in the area, contact the experienced team of Short Sale agents at Fred Sed and Associates today by calling (949) 272-0125.