Are you a distressed homeowner and have been thinking about Short Selling your home in 2013? If the answer is YES, you must start the Short Sale process now because, the Short Sale Debt Relief Act of 2007 has only been extended until January 1st 2014 and there’s no guarantee that this Short Sale tax relief will be extended once again next January.
December Short Sale Frenzy?
December 2012 was a busy month for Short Sale listing agents across Orange County as distressed homeowners worked hard, up until the final hours of December 31st to help get their clients Short Sales approved.
With the extension of this short sale tax relief, Realtors across the country can breathe a little easier now that MDRA has been extended and they can efficiently work towards getting their clients Short Sales approved.
Short Sale Benefits
Short Sales have many benefits for distressed homeowners including the following:
- Speed – Over the last year the average Short Sale has been taking up to 60 days to be approved since President Obama has been prompting lenders like Fannie Mae, Freddie Mac and Wells Fargo to speed up Short Sale approvals.
- Less damage on credit – The average homeowner who Short Sells their Orange County home can expect to wait between two and four years to buy another home compared to seven to nine years that homeowners who choose foreclosure can expect to wait after their home goes through foreclosure.
Many Benefits To Mortgage Debt Relief Act
With the passage of the mortgage debt relief act, the average distressed homeowner can enjoy tax relief if they choose to go through mortgage restructuring or foreclosure as well.
To learn more about the extension of the 2007 Mortgage Debt Relief Act and how it helps provide short sale tax relief to distressed homeowners, contact Fred Sed & Associates today by calling (949) 272-0125.