Wayzata, MN. (PRWEB) October 16, 2012
“With the 2007 Mortgage Debt Relief Act set to expire at the end of December 2012, many people are aggressively looking for short sale answers,” Kris Lindahl explains. Kris Lindahl adds the “2007 Mortgage Debt Relief Act” forgives the debtor the amount between what is owed on the mortgage, and the amount collected from the short sale of the home.
For example,” Kris Lindahl explains, “if the mortgage is $150,000, the home short sale amount collected by the bank is $100,000, and the bank waives the difference of $50,000 that was not collected, that $50,000 is considered taxable income for the homeowner, which will greatly increase the amount of taxes they owe. The 2007 Mortgage Debt Relief Act provides an exemption for the $50,000 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 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 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 #1 Edina short sale agent explains.
“I created the national, state of the art, short sale calculator website, so people from anywhere in the country can access short sale information 24/7, plus check their short sale eligibility,” Kris Lindahl adds.
“I created additional websites that have short sale calculators, so people in Minnesota and Wisconsin can figure their short sale eligibility on their own,” Kris Lindahl says, and adds, “Which can be found at MNShortSaleCalculator.com, and Wisconsin residents can check their eligibility at the WisconsinShortSaleCalculator.com website.”
The new national short sale hotline number is (877) 371-1733 and allows people to call from anywhere in the U.S. with their short sale questions,” Kris Lindahl adds.
“I wrote an eBook to help people with the short sale process, the “Homeowners Guide To Short Sales” which can be downloaded at the HomeOwnersGuideToShortSales.com website,” Kris Lindahl, the experienced Wayzata MN. short sale agent explains.