Mortgage Debt Forgiveness Relief Extended
Late Tuesday night, Congress reached a settlement in the "fiscal cliff" negotiations. As a result, the Mortgage Forgiveness Debt Relief Act has been extended for another year. The measure will continue to exempt from taxation mortgage debt that is forgiven when homeowners and their mortgage lenders negotiate a short sale, loan modification (including any principal reduction), or foreclosure.
The extension is great news for homeowners as it was one of the attractive features of completing short sales. Qualified homeowners, on their principal residence, will continue to be excused from paying taxes on forgiven mortgage debt through 2013. Please keep in mind that homeowners should always consult their tax advisor so they can evaluate their personal situation and understand their tax payments.
Over the past few months we have seen short sale listings decline and more financially strapped homeowners letting their homes go to foreclosure. The extension of the Mortgage Forgiveness Debt Relief Act will provide a much needed alternative, of a short sale, which will avoid foreclosure and be less harmful to the credit history.
If you or someone you know is considering selling a home which is currently valued at less than the mortgage debt, we would be happy to answer any questions you have. I can be reached at the MagnumOne Realty office in Roseville (916-899-6571) or by email to JulieJ@Jalone.com.
About Realtor Julie Jalone
Julie Jalone, wife and mother living in Rocklin, is an experienced professional Realtor ® serving
the Greater Sacramento area including Placer, El Dorado, Yolo and Yuba counties.
Julie may be reached online at www.jalone.com or by calling (916) 276-6883
Check out her daily web blog: Keep it Real in Sacramento
Pet Care | Real Estate | Restaurants | Tech | View All | * Add/Upgrade Business
Placer County News HeadlinesPioneer touts lower rates than PG&EPlacer County, CA,- The Pioneer Community Energy (Pioneer) Board reviewed its rates in light of PG&E's recent rate hikes, and voted unanimously to maintain Pioneer's rates
Petaluma Music Festival Lineup AnnouncedPetaluma, California - This marks the eleventh year for what has become one of the most highly regarded festivals on the West Coast.
Curling Competition Comes to RosevilleRoseville, CA- Three-day curling tournament will take place March 23-25 at Skatetown in Roseville, CA.
Striking New Finding in Autism Research(SACRAMENTO, Calif.) - In a striking new finding, researchers at the UC Davis MIND Institute found that typically-developing children gain more neurons in a region of the brain that governs social and emotional behavior, the amygdala
FBI Seeks Roseville, Rocklin Bank Robbery SuspectRoseville, CA -The Federal Bureau of Investigation (FBI) seeks assistance from the public to identify an individual suspected of committing four bank robberies in Northern California.
2018 High Sierra Music Festival Lineup AdditionsQuincy, CA - The 28th Annual High Sierra Music Festival announces additions to the artist lineup which include Grace Potter, Chris Robinson Brotherhood, Foundation of Funk, The Floozies,
Déjà Vu as Gas Prices Ascend to Higher LevelsRoseville, CA,- Feels like we've been here before. Some Roseville motorists might be experiencing a little sense of déjà vu at the gas pump.
Davis Tow Owners, Employees Arrested in Suspected Illegal Towing SchemeSACRAMENTO, Calif. - A two-year criminal investigation by the California Highway Patrol, Valley Division Investigative Services Unit, culminated yesterday in the arrests of five employees
Jessup Warriors keep rolling on with seven-game win streakLINCOLN, Calif. - It was an all-out battle at McBean Park today as the ball game was gridlocked at 4 apiece for four innings between your nationally ranked No. 7 Warriors and RV The Master's Mustangs
Nissan does great job with Armada redesignRoseville, CA, - Historically, changes have not been part of the playbook for the Nissan Armada.
Placer County Water Agency Credit Rating ReaffirmedAUBURN, Calif. - The Placer County Water Agency (PCWA) is in the final stages of refinancing approximately $31.47 million of debt to take advantage of lower interest rates available
Serious Fun at El Dorado Wines Passport WeekendEl Dorado County, CA - Among the top events in Northern California, Passport Weekend is rated a "do not miss" celebration by Rocklin & Roseville Today's travel and entertainment editors.
NEWS: In Case You Missed It