“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.”
Blaine, MN. (PRWEB) October 19, 2012
“The 2007 Mortgage Debt Relief Act is set to expire at the end of 2012, so many people are scrambling to hurry and get their short sales in before it expires,” Kris Lindahl the Conventional short sale agent says, and adds “in other words with 2007 Mortgage Debt Relief Act allows an exemption so taxes will not be owed on the deficit.”
The report explains, “One attempt 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.”
“The hot topic right now is whether congress will approve and extend the 2007 Mortgage Debt Relief Act to 2014, or 2015 before the end of the year, Kris Lindahl the #1 Edina Realty short sale agent Kris Lindahl says. Kris continues, “it will be interesting to see what happens, because there have already been a few bills that have been turned down this year which included an extension for the 2007 Mortgage Debt Relief Act.”
Kris Lindahl’s report explains that 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 adds, “if the mortgage is $600,000, the home short sale amount collected by the bank is $500,000, and the bank waives the difference of $100,000 that was not collected, that $100,000 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 $100,000 as taxable income for the homeowner.”
“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 Conventional short sale agent says.