Foreclose or Short Sale before 2012 – The Mortgage Debt Relief Act – North Scottsdale Real Estate
The Mortgage Debt Relief Act of 2007 is the prefect example of strength in numbers. With so many individuals and families going through either foreclosure or a short sale, the Government is making an exception to their standard policy of treating forgiven debt as income.
The Mortgage Debt Relief Act of 2007 is over at the end of 2012, which implies that if you are going to go through a short sale or a foreclosure on your primary residence… you better do it soon. Talk to your accountant. The following video talks about some of the highlights of the Mortgage Debt Relief Act of 2007.
For specifics on The Mortgage Debt Relief Act of 2007 straight from the horse’s mouth visit the IRS’ website at http://www.irs.gov/individuals/article/0,,id=179414,00.html
