There is good news! The government has extended the Mortgage Debt Relief Act through 2016. This allows sellers facing foreclosure or working out a short sale to shield themselves from that large tax bill.
The Mortgage Debt Relief Act was initiated in 2007 and has been extended several times and will apply to all properties under contract by end of 2016 set to close prior to the end of 2017.
Selling your home in a short sale situation is stressful enough already. Take advantage of the mortgage debt relief act if you are facing foreclosure before it expires.
Peter Hagen 509 850 1900
