Watch on your mobile device >>
Are you
behind on your mortgage payments? Does it seem that you have no way out and a
foreclosure is inevitable? Well before you give up, consider a short sale. In
fact, now may be the best time for you to sell your home as a short sale
because of what may be soon to come. Banks are filing for foreclosure faster
than ever before – and this comes at a time when many homeowners with
underwater mortgages have become complacent, expecting more time.
Not only
should you put your home on the market now as a short sale to avoid a
foreclosure but also, making the move quickly could possibly save you thousands
of dollars in taxes.
Right
now, and through December 31, 2012 any forgiven debt may be discharged under
the Mortgage Debt Forgiveness
Relief Act. What
this means is that any money you are discharged from paying back that would
otherwise be considered as income by the IRS, is exempt from taxation through
the program period. But as soon as January 1, 2013 rolls around, unless the
program is extended, you would have to pay taxes on that “income”.
So if
you are behind on your payments and it seems the bank is getting antsy, take
this advice: consider short selling today.
We deal
with many of these and would be happy to sit down with you to discuss your
options. Contact us today!
No comments :
Post a Comment