Important Information About the Mortgage Forgiveness Debt Relief Act and its Expiration Date
Hey guys, I’m Kelly Cook here with Cook & Associates Real Estate Advisors, :k1:’s number one short sale specialists. We can be found online at www.azcaseyrealestategroup.com. We service and help homeowners all across the entire greater Phoenix, Arizona area and try to find alternatives to foreclosure if they are underwater and need to sell.
Today’s question that we’re addressing is will the mortgage forgiveness debt relief act expire any time soon, does it have a date where it will no longer be in effect? The first part of that question is what is the mortgage forgiveness debt relief act? It is a piece of legislature that the Bush administration passed in 2007 that has already been extended once and that’s until December 31, 2012. That will have profound effects on people who are thinking about doing a short sale on their property. Right now it is designed to eliminate the tax liability that could occur in a short sale or foreclosure. It’s meant not to kick people while they are down and actually not put more debt onto their load when they are trying to get out from under their debt.
So it’s a very good piece of legislature that will certainly help a lot of people and has helped thousands of people across the country already. So please don’t delay. If you’re thinking about a short sale, then you definitely want to have your short sale close by December 31, 2012. Since a short sale can take as long as 12 months or longer, it would be very wise to start right not to give yourself as much time as possible to get that short sale closed and completed by December 31, 2012. Again guys this is Kelly Cook with the Cook & Associates Real Estate Advisors, one of :k1:’s number one short sale specialists. Please feel free to contact us here on the website or email us. You can also give us a call because we are available 24 hours a day, 7 days a week for your convenience. I look forward to hearing from you guys and we’ll see you on the next video. Goodbye.