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.
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 HeadlinesSierra College CACT Partnership Wins AwardSierra College, the California Conservation Corps and Golden Sierra Job Training Agency were recognized by the Placer County Economic Development Board
David Boesch Honored at North Lake Tahoe Awards DinnerPlacer County Executive Officer David Boesch was presented the Public Servant of the Year Award at the North Lake Tahoe 61st Annual Community Awards
Garth Brooks Tickets: Six Nights in SacramentoSaddle up cowboys and cowgirls! Garth Brooks will be making the first California appearance on his current world tour
Vacation Deals: On Tight BudgetsLet's face it, we all love our vacation time. A time to break off from everyday routines, ditch a portion of the responsibility we call life and enjoy doing what we love
Joyce and Jim Raley Teel & Joseph Gallo HonoredMore than 700 guests came out to honor Joyce and Jim Raley Teel, Raley's Family of Fine Stores and Joseph E. Gallo at their induction into the California Grocers Association Educational
Roseville Solar City Location Looks to Fill 300 JobsSolarCity , one of the nation's leading solar providers, announced its move into a vast new Roseville, California office to accommodate its growing local staff.
Republicans Start Swinging in Auburn Golf BattleAuburn, CA- The temperature are rising and Republicans will be heating it up in Auburn at the 4th Annual Placer County Republican Golf Tournament
Top 100 Paying Jobs in California (Part 5)Part 5 in the countdown to #1 to the Top 100 Paying Jobs in California
Jessica's Law Enforcement Changes Prompt ResponseJessica's Law authors George and Sharon Runner today responded to a decision by the California Department of Corrections and Rehabilitation to stop enforcing Jessica's Law residency
Maria Menounos: Special Olympics Global AmbassadorThe Special Olympics has announced that author and television personality Maria Menounos of E! is joining the Special Olympics family as the movement's newest Global Ambassador.
Van Halen to play Shoreline Amphitheatre on July 16For Northern California fans, Van Halen's only scheduled area appearance will take place at Shoreline Amphitheatre in Mountain View on July 16.
Rocklin Home for Sale: Retreat at Whitney OaksA brand new, custom home on Whitney Oaks golf course lot is now available in Rocklin.
NEWS: In Case You Missed It