yellow pages news jobs events calendar movie times RSS News Feeds
Rocklin and Roseville Today Business Ready?
   |   Current Temp: 70.0 F (21.1 C)
 

Mortgage Debt Forgiveness Relief Extended


SHARE with Friend




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.






more news Print This Article


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

Placer County News Headlines

Different Standards From Mortgage LendersJulie Jalone of MagnumOne Realty in Roseville, reports on a recent Fannie Mae survey which indicates there may be a growing difference in credit standards between small and large lenders. Which do you think has the tighter credit standards? Check out Julie's article and find out.

PCWA Comments on Bay Delta Conservation PlanDrought Watch: PCWA expresses concern about future water supply reliability for Placer County and claims EIR fails to consider key issues.

Honor Bowl Games at Del Oro August 2014ROCKLIN, CA. - William Jessup University announced today that it will serve as a sponsor for the Northern and Southern California 2014 Honor Bowl football games.

Tahoe Bike Classic Sept. 27 & 28The inaugural Tahoe Bike Classic will take over the Lake Tahoe basin this fall, September 27 & 28, 2014.

Lake Tahoe Marathon Returns September 14thArguably the most beautiful marathon in the world, the Lake Tahoe Marathon returns to Lake Tahoe on Sunday September 14, 2014. Since its inception in 1995, the Lake Tahoe Marathon has evolved into a premier running event

3 Month Old Dies in Sacramento, Parents JailedAshleigh Smith and the 19-year-old father, Terry Scott, were interviewed, they were both booked that night into the Sacramento County Jail on felony child abuse/neglect charges.

Dropping Gas Prices Lift Summer DriversLocal gas prices continue to drop and bring relief to drivers across California and the nation.

Inter-Faith Task Force Seeks New MembersThe Roseville Police Department is hosting an Inter-Faith Task Force comprised of congregational leaders and security teams for churches and other

Lake Tahoe Basin Community Plan Environmental ReviewWith the release of the Notice of Preparation (NOP) for the Environmental Impact Statement/Report, the ongoing update to the complex Tahoe Basin Community Plan continues to make progress

Preventive Autism Treatment Focus of Research AwardsResearch could affect nearly one in every four cases of autism among children in the U.S.

Simple Changes Helping California Small Businesses and EntrepreneursIt's not easy doing business in California. In order to be successful, business owners must overcome many challenges, one of which is dealing with California's complicated tax system

Hyundai scores with Santa Fe SUVsOne of Hyundai's more impressive vehicles is the 2014 Santa Fe, a sport utility vehicle that has three rows and seats seven. It replaced the 2012 Veracruz in the Hyundai lineup.




more news