Congress Renews Mortgage Debt Relief Act

Dated: 01/07/2013

Views: 2097

Upside Down Homeowners with negative equity can breathe a sigh of relief because Congress renewed the Mortgage Debt Relief Act on January 1, 2013!! Congress passed an extension of the Mortgage Forgiveness Debt Relief Act which will save homeowners more than $1 billion dollars in taxes. This is great news for struggling Tampa home owners.

The Mortgage Forgiveness Debt Relief Act was originally passed in 2007 to aid the thousands of homeowners in the Tampa Bay area who suddenly found themselves in danger of losing their homes to foreclosure following the Florida housing market crash. Under the Mortgage Forgiveness Debt Relief Act, any debt forgiven in a Tampa short sale, Tampa foreclosure, or Tampa loan modification, is exempt from federal taxes on primary residences.

For homeowners facing foreclosure in Tampa Bay Florida, this exemption saves them from paying thousands, or even tens of thousands, in taxes on top of losing their homes. Now for 2013, home owners can take advantage of this exemption and avoid foreclosure without the fear of an impossible tax liability.

As a Certified Distressed Property Expert (CDPE) agent in Tampa FL, I am specially trained to help bay area homeowners escape the threat of foreclosure.

If you or someone you know in the Tampa area is facing foreclosure, contact me for a private consultation. I can help find a solution.

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Michael Valdes

Realtor Michael Valdes was born in Tampa Florida and has lived and worked in the Tampa Bay area his entire life. He first got into the real estate industry working for large corporations such as JPMor....

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