(PRWEB) October 30, 2012
“The 2007 Mortgage Relief Debt Act will expire on December 31, 2012, and a short sale completed after that date will cost homeowners tens of thousands of dollars in additional taxes,” explains Kris Lindahl, who is an experienced Freddie Mac short sale agent.
“With the approaching expiration date of the 2007 Mortgage Debt Relief Act, I realized that people would need help figuring out if a short sale was an option for them. So I created the national short sale calculator website to help people from around the country determine if their home is eligible for a short sale,” Kris Lindahl explains.
Kris Lindahl explains the “2007 Mortgage Debt Relief Act” forgives the homeowner the amount between what is owed on the mortgage, and the amount collected by the lender from the short sale of the home. For example,” Kris Lindahl adds, “if the original mortgage is $450,000, and the home short sale amount collected by the lender is $350,000, then the lender will waive the difference of $100,000 that was not collected. That $100,000 that was not collected by the lender is considered taxable income for the homeowner, which will greatly increase the amount of taxes they owe to the IRS. The 2007 Mortgage Debt Relief Act provides an exemption for the $100,000 as taxable income for the homeowner.”
One attempt to extend the “2007 Mortgage Debt Relief Act” was presented by Democratic Senator Debbie Stabenow of Michigan who proposed to extend the bill through 2013. Another attempt to extend the “2007 Mortgage Debt Relief Act” was made with a house bill sponsored by Republican Tom Reed of New York, who also wanted to extend it for 1 year. The third attempt to extend the “2007 Mortgage Debt Relief Act” was by Democratic Representative Charles Rangel of New York proposed a 2 year extension.
“Congress is receiving pressure from the National Association of Realtors, attorneys, accountants, and homeowners, which are all placing pressure on Congress to get this Mortgage Debt Relief Act extended as soon as possible,” Kris Lindahl, the experienced Freddie Mac short sale agent says.