Hello everyone my name is Chris Bowers and I am the founder and team leader of the Bowers Team thank you for your time today. Our team of short sale experts are working every day with Arizona homeowners just like you to find the best alternative to foreclosure. If your mortgage is underwater and you are unsure of your options take a minute to fill out a contact form on my website or call me directly to find out how the Bowers Team can help you with all of your real estate needs.
For my blog today I wanted to speak with you about a great opportunity to avoid any of the tax consequences associated with the short sale process. I’m speaking of course about the Mortgage Debt Relief Forgiveness Act of 2007 that is set to expire at the end of this year. When completing a short sale the difference between the selling price of your Arizona property and the mortgage debt forgiven is considered taxable income and requires a 1099 to be issued. Thanks to this Act of Congress homeowners who close on a short sale before the end of 2012 are able to write off this taxable income. A typical short sale in Arizona can take four to five months to complete which is why it’s important to contact a short sale professional soon in order to not miss out on this great incentive.
To learn more about the Mortgage Debt Relief Forgiveness Act and how to qualify, or for any short sale questions, give my office a call to set up a free consultation. If you are unsure if a short sale is right for you take a minute to try out the Short or Stay Calculator on my website to learn more about your future property value. Thank you for your time today and I hope to hear from you soon at the Bowers Team located in Arizona.