Thanks to the Mortgage Forgiveness Act of 2007, Signed by Bush (Set to expire end of 2012)- SHORT SALES EXPLODED across the Nation as we saw home value plummet after 2006. Long Story short, until then, the Phantom Income written off by the banks after a Foreclosure or Short Sale was considered taxable income. Today (for now), the Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. (See link for more details) We do expect a rush towards the second half of this year on Short Sales if the current administration in office does not extend the Act; which could cause even more delays in the Short Sale process due the the increased volumes the banks may be dealing with. But with that said…
Nothing gives us more satisfaction than being able to help a family out from under a home they are upside down on and can not afford any longer, into their next home. With today’s crazy low interest rates and sales prices, now really is the time to buy. It’s usually much more affordable than renting and the key is the right counseling up front so that sooner than later, you too can be back in the buyer market again after either a Short Sale or Foreclosure.
Some can buy a “Home Again” right away, some take 2-3 years for their credit to re-coup enough in order to do so. We partner with Ryan Nelson of Academy Mortgage right up front at time of Short Sale application so we can game plan the right solution for you and your family right from the beginning of the Short Sale process. This helps to ensure we get you into your own “home again” as soon as possible.
Please call our office at 480-243-4242 to get started or Click HERE