Preparing For The Expiration Of The Mortgage Forgiveness Debt Relief Act Of 2007
The clock is ticking for anyone who is considering short sale or foreclosure for his or her homes because; the Mortgage Forgiveness Debt Relief Act of 2007 is going to expire on December 31st 2012.
Why It’s Important To Act Now
For those Orange County homeowners who are considering foreclosure or short sale now it’s important for them to take action now because, if the Mortgage Forgiveness Debt Relief Act of 2007 is not renewed, homeowners could find themselves liable to pay any short fall or balance that’s owed on their mortgages after their short sale or foreclosure has been approved.
Imagine having to pay taxes on $50,000 to $150,000; this is what happened to many homeowners prior to 2007 but thanks to the Mortgage Forgiveness Debt Relief Act of 2007, millions of homeowners across the United States have been able to walk away from 1099 forms and the possibility of paying taxes on any short fall that remained after their short sale or foreclosure was approved.
Experience Pays Off
If you’re considering short sale vs. foreclosure, the first thing that you should do is contact a top Orange County realtor immediately to discuss short sale and foreclosure and decide on which option is right for you. For those Orange County homeowners who are going to hire an Orange County real estate agent to help you short sell your home, make sure that you hire a short sale agent who meets the following criteria:
- Experience – The short sale agent must have experience with Orange County short sales and have reputable references for clients that they have helped within Orange County within the last year.
- Marketing – Your Orange County realtor must have experience listing your home locally and internationally using the Internet and local marketing techniques like open houses.
Have you found the content in this post helpful? We encourage you to share it with your social media friends on Facebook, Twitter, MySpace and your other favorite social media services. Still have questions about the Mortgage Forgiveness Debt Relief Act of 2007? Contact the experienced team of Orange County realtors at Fred Sed & Associates today at (949) 272-0125 or email us at firstname.lastname@example.org.