****UPDATE**** Mortgage Foregiveness EXTENDED THROUGH 2013!!!****
The Mortgage Forgiveness Debt Relief Act of 2007 expires Dec. 31, 2012
You may be liable to pay income tax on the amount forgiven in a short sale if you wait too long. A short sale on average takes 4 months to complete....maybe longer. So don't run out of time and start SOON. *we are not CPA's so please consult with your tax advisor and/or attorney
Example: Home is worth 100K less than you owe and you receive a 1099-C at completion of short sale.
Prior to 12/31/12 you pay $0.00 in taxes on this amount forgiven.
Sell 01/01/13 or later and pay $28,617 to the IRS based on 28% tax bracket and yearly income of $30,000. *This number is estimated so contact your CPA to find out exactly what your scenario could look like.
Selling your home for less than what you paid for it is NOT a failure, it's a business decision. Sometimes the reality of things can be scary and overwhelming so it becomes much easier for us to avoid the truth. Short selling provides an opportunity for you to TAKE CONTROL of the situation and Get Your Life Back On Track.
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Do you think a short sale is something you've been considering? We have the resources to help! Every short situation is different so please call or email to discuss your situation and how we can be of service!
-Short Sale OutPost Public Forum from LoanSafe.org Get Free help on working with Banks and their short sale processes. Tips and advice from home owners in distress and who have gone through the processes. They also have a great foreclosure help forum as well.
-Find out what you're home is worthin our current market.
