Helping Homeowners Avoid Foreclosure in Roseville and Sacramento

Are You Thinking About Short Selling Your Home? Act Now Before The MDRA Expires!

Posted on Feb 13, 2012 in Roseville and Sacramento Short Sale FAQs

Hi, this is Mark Peek at Keller William’s Real Estate in Roseville and Sacramento. I am your short sale specialist for this area and I encourage you to get in touch with me if you are struggling to pay your mortgage, are upside down on your home, or are in the midst of foreclosure.

Today we are going to discuss the Mortgage Debt Relief Act of 2007. If you don’t already know, the MDRA is set to expire at the end of 2012. What does that mean for someone that’s underwater and considering a short sale? The time to consider a short sale is now. On average it takes 4-6 months to close a property from start to finish. Some short sales can take even longer, depending on condition and comparable homes. If you wait too long, you may see the window of opportunity to short sell your home without paying taxes close on you.

I highly recommend talking to your tax professional because if you are considering a short sale, the time to get started is now. No one knows if they are going to extend the Mortgage Debt Relief Act, however the government is hungry for tax dollars and after five years of mortgage debt relief, they may decide that this is the time to reap the benefits of people that are short selling their homes.

If you would like more information about the Mortgage Debt Relief Act or on short selling your home, I would be happy to help you. I have an abundance of resources to offer you, as well as the experience and knowledge to guide you through the process. Please contact me today so we can sit down, discuss your specific situation, and get you started on successfully short selling your home. I look forward to hearing from you.

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