Update on Short Sales:
On December 16, the Senate passed an extension of the Mortgage Debt Forgiveness Act by a vote of 76-16.
The extension applies to any short sale conducted in 2014.
If Congress had failed to act on the renewal of the tax breaks, any forgiveness on a home loan achieved in a short sale would have been counted as income for homeowners whom banks allowed to sell their homes for less than the amount of their mortgage.
That’s important, because the average short sale nationwide is reported as having a forgiveness of about $75,000.
That’s it for today!
Thanks for reading.
Brett
Texas renters are spending more than 30% of their incomes on rent. It can be…
If you are looking for a home in the outer suburbs or in a rural…
If you have credit card debt it’s smart to consider a consolidation loan. If you…
I wanted to let you know we have a 2% to 5% downpayment and closing…
Do you have investment property, and would like to pull cash out of your property?…
Texas renters are spending more than 30% of their incomes on rent. It can be…