The North Valley Team of Phoenix Arizona

  • Company
  • Services
    • Resale Homes and Land
    • Property Management
    • Real Estate Investment
  • Search Homes
    • Search Desert Ridge Homes
    • Search Moon Valley Homes
    • Search McCormick Ranch Homes
    • Search Scottsdale Homes
  • Loans
    • Home In 5 Loan Program
    • Home Plus Loan Program
  • Blog
  • Contact

Phoenix Arizona Short Sale Homes Mortgage Debt Relief Act Expires at End of 2012

June 27, 2012 by Phoenix Realtor Arizona

In 2007, an instrument was designed which would allow taxpaying homeowners the ability to exclude having to show certain discharged debt relating to their principal residence as income when filing their tax returns. This instrument is named The Mortgage Debt Relief Act of 2007 and states that any debt that has been reduced in connection with a mortgage restructuring, a foreclosure, or a short sale, qualifies for the relief under this act.

Through this Mortgage Debt Relief Act, a homeowner may have as much as $2 million of debt forgiven ($1 million if married filing separately) depending on the homeowner’s unique set of circumstances. What Phoenix homeowners may not realize is that the Act only applies to debt which is forgiven within the calendar years of 2007, 2008, 2009, 2010, 2011 and 2012.

Decide on the short sale of your Phoenix home because debt forgiveness ends in 2012.If you own Phoenix real estate as a primary residence and you have been considering the short sale of your home, you need to make a determination as soon as possible because if you decide to short sale your property and you want to reduce your associated tax liability, you need to settle the short sale transaction and associated agreement for debt forgiveness before to the end of 2012.

Due to this narrowing window of opportunity, there will surely be a big push in the real estate industry to get homeowners considering the short sale of their house to move quickly; we would not be surprised to see a backup of transaction processing within the distressed homeowner departments of many large banks due to this timeline crunch.

If you have decided to short sale your Phoenix home, make sure you first consult a professional tax specialist. Then, contact our team of Phoenix short sale specialist real estate agents for your home valuation and listing. We handle all aspects related to the listing and COE of these transactions, from the initial property listing through the negotiation of all attached debt and final closing of escrow.

Filed Under: General North Phoenix Real Estate Blog Posts, Real Estate Sales Data Tagged With: debt, estate, forgiveness, home, house, mortgage, phoenix, property, real, relief, sale, short

FOLLOW US

Follow Us on FacebookFollow Us on TwitterFollow Us on LinkedInFollow Us on YelpFollow Us on RSSFollow Us on E-mailFollow Us on WordpressFollow Us on Google+Follow Us on Manta

SIGN UP FOR PHOENIX REAL ESTATE UPDATES

Stay connected and receive updates about Phoenix real estate...

DESERT RIDGE HOME SALES

2017 Desert Ridge Home Sales
2016 Desert Ridge Home Sales
2015 Desert Ridge Home Sales
2014 Desert Ridge Home Sales
2013 Desert Ridge Home Sales
2012 Desert Ridge Home Sales

MOON VALLEY HOME SALES

2017 Moon Valley Homes Sold
2016 Moon Valley Homes Sold
2015 Moon Valley Homes Sold
2014 Moon Valley Homes Sold
2013 Moon Valley Homes Sold
2012 Moon Valley Homes Sold

MCCORMICK RANCH HOME SALES

2017 McCormick Ranch Home Sales
2016 McCormick Ranch Home Sales
2015 McCormick Ranch Home Sales
2014 McCormick Ranch Home Sales
2013 McCormick Ranch Home Sales
2012 McCormick Ranch Home Sales

NORTH SCOTTSDALE HOME SALES

2013 North Scottsdale Home Sales
2012 North Scottsdale Home Sales
2011 North Scottsdale Home Sales
2010 North Scottsdale Home Sales
2009 North Scottsdale Home Sales
2008 North Scottsdale Home Sales
2007 North Scottsdale Home Sales
2006 North Scottsdale Home Sales
2005 North Scottsdale Home Sales
Google

FOLLOW US

Follow Us on FacebookFollow Us on LinkedInFollow Us on TwitterFollow Us on YelpFollow Us on RSSFollow Us on E-mailFollow Us on WordpressFollow Us on Google+Follow Us on Manta

RECENT BLOG POSTS

  • Stetson Hills Home For Sale North Phoenix Arizona
  • Beautiful Sunburst Farms Horse Property Tempe Arizona
  • Home In 5 Maricopa County Down Payment Assistance
  • Buy Arizona Land In City of Maricopa Mulitple Lots
  • Company
  • Services
  • Search Homes
  • Loans
  • Blog
  • Contact

Privacy Policy  ·  Website Terms of Use  ·  Powered by VINNOV Technologies
Copyright © 2021.   NVTAZ.   All Rights Reserved