Time is Running Out:
How the Mortgage Debt Relief Act can save your home and money.
In 2007, the Mortgage Debt Relief Act was passed in an attempt to help the millions of homeowners who, due to the housing crisis and economic crash, suddenly found themselves in danger of losing their home to foreclosure.
Many San Diego area homeowners are currently able to sell their homes and not pay Capital Gains Tax on the “Debt Relief”. That means if you owed $500,000 and sold you home for $300,000 you would not have to pay ordinary income tax on the $200,000 that you “gained” because the bank forgave the debt.
The act has helped many distressed homeowners find solutions to avoid foreclosure and opened up options to them that were previously unavailable. Dennis & Sunshine have helped many people through this process…at no cost!
The Mortgage Debt Relief Act was intended to be a temporary solution which was slated to expire at the end of 2012. However, the Mortgage Debt Relief Act has been extended for 2014 & 2015 for both California and the US. For distressed homeowners who faced possible foreclosure in 2014, this means that there is still time for you to take advantage of this program.
But, time is running out as the Act was extended only through this year. There is still a chance to change your financial direction and avoid foreclosure. If you wait too long, you may have to pay income tax on the difference you owe the bank and what the home sells for in a Short Sale.
Since it may take up to 6 months to sell your home in a Short Sale, You must call me immediately of this is a situation you may be in. I can give you a free consultation and let you know all your options.
As Certified Distressed Property Agent (CDPE), and as Short Sale & Foreclosure Resource Certified (SFR), we are uniquely qualified to help determine your eligibility or the eligibility of someone you may know, and answer any questions about the settlement. Visit my website http://HAFAShortSaleConsultant.com/ for a copy of the report entitled “Time is Running Out: How the Mortgage Debt Relief Act can save your home.”
Please call Dennis Smith at 760-436-0087 for more information or a free, confidential consultation
Dennis Smith, ABR, SRES, e-PRO, CDPE, Realtor® DRE# 00476662
Certified Distressed Property Agent
Sunshine Smith, SFR, Realtor® DRE# 01249837
Short Sale, Foreclosure Resource Certified
760-436-0087 or cell at 760-212-8225
Providing quality Real Estate services in the North Coastal San Diego area
including Del Mar, Solana Beach, Rancho Santa Fe, Cardiff by the Sea,
Encinitas, Leucadia, Olivenhain, Carlsbad, La Costa, Aviara, Oceanside,
Vista, San Marcos, San Elijo Hills, Escondido & all San Diego County.