Time Is Running Out To Qualify For Short Sale Tax Break In Arizona

Hello everyone my name is Chris Bowers and I am the founder and team leader of the Bowers Team here in Arizona thank you for your time today. Our team is made up of short sale experts working every day to help Arizona homeowners like yourself find solutions to avoid foreclosure. If you can no longer afford your mortgage or are already considering a short sale please visit my website or call me directly to learn more about all of your real estate options.

For my blog today I wanted to discuss the Mortgage Debt Relief Forgiveness Act and why time may not be on your side. This act of Congress passed back in 2007 will allow any mortgage debt forgiven through a short sale to be tax free for the distressed property owner. When a Arizona homeowner completes a short sale the mortgage debt forgiven, the difference between the selling price of the home and the amount owed on the mortgage, is considered income and requires a 1099 to be processed by the IRS. Thanks to the Mortgage Debt Relief Act a mortgage that is under seven hundred thousand dollars will qualify for this tax break. However, the Debt Relief Act is set to expire at the end of 2012 so it is important to act fast in order to qualify for this incentive. Some Arizona area short sales take three weeks and some can take months to complete so now is the time to act if a short sale is right for you.

To learn more about the Mortgage Debt Relief Forgiveness Act fill out the contact form on my website or call me directly to sit down and discuss your options. With only six months remaining on this great incentive we want to help get you out from under your mortgage debt. Thank you for your time today and I hope to hear from you soon at The Bowers Team in Arizona.

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