Alternative Options May Leave Mortgage Debt Relief Act Irrelevant For Some Homeowners

Posted on Dec 3, 2012 in Roseville and Sacramento Short Sale FAQs

Hello everyone my name is Mark Peek, your Roseville and Sacramento short sale specialist, thank you for your time today. I work with Keller Williams Realty in the Roseville and Sacramento area and use this blog to share valuable information with distressed property owners who need to sell their homes fast. If your mortgage is underwater or if you are struggling to make your mortgage payments each month please take a minute to browse my website or call me directly to learn more about your options.

For my blog today I wanted to talk with Roseville and Sacramento homeowners about the Mortgage Debt Relief Act that is set to expire soon and how it could alter your short sale. There has been a lot of chatter lately about this because we only have a month left for Congress to extend this great benefit for distressed property owners. The Mortgage Debt Relief Act allows a homeowner to avoid paying taxes on the difference between the selling price of the home and the balance due on the mortgage. This has saved numerous Roseville and Sacramento homeowners a lot of money but there may be similar options available past 2012. One option that many homeowners have used in the past is insolvency. If you currently have more debt than assets there is a good chance that you may be able to qualify for insolvency. If this is a possibility for you then contacting a CPA may be in your best interest. If insolvency is an option for you then the Mortgage Debt Relief Act is irrelevant.

If you have questions about your underwater mortgage or are ready to start your short sale please fill out a contact form on my website or call me today. Thank you for your time and I look forward to helping you soon with all of your Roseville and Sacramento real estate needs.

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Is it True that the Mortgage Debt Relief Act is going to Be Extended?

Posted on Aug 20, 2012 in Roseville and Sacramento Short Sale FAQs

Hi I’m Mark Peek with Keller Williams Realty, one of Roseville and Sacramento’s leading short sale teams. Mortgage Debt Relief Act, what does that mean to you? Well a lot of you have asked the question of whether or not the Mortgage Debt Relief Act is going to be extended. The likelihood is it will be extended. Again the Mortgage Debt Relief Act essentially forgives the difference that could be potentially taxed in the short sale so if you owe $300,000 on a property on your balance and the net proceeds are $150,000, which means there is $150,000 that is forgiven in the short sale. The lender will send you a 1099 at the end of the tax year. Without the Mortgage Debt Relief Act, owner occupied individuals may be faced with a challenge regarding taxation. That’s a hot topic right now and recently the Senate has been pushing for an extension on this. One of the things that caught my attention is how long they are extending it for. This original law took effect in 2007 and the hope that it was going to be extended. There are still a lot of homeowners out there that are underwater on their homes.

Right now they are proposing to extend it only one year so what does that mean to you? If that’s the case and they are only going to extend it on a year by year basis then they are also thinking they will stop it. The fact that it’s only on a year extension has me a little concerned as to what is going to happen after 2013. If anyone is on the fence and considering a short sale, this bill is likely to be passed, it’s likely to happen after the election.

Again, I’m Mark Peek with Keller Williams, one of Roseville and Sacramento’s leading short sale teams and we’re here to help. If you would like more information, I would love to talk with you and see if a short sale might be a good option for you. Please contact me today and I look forward to speaking with you soon.

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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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Taking Advantage Of The Mortgage Debt Relief Act

Posted on Jan 11, 2012 in Roseville and Sacramento Short Sale FAQs

Thanks for visiting my blog today. I’m Mark Peek with Keller William’s Real Estate, your short sale specialist in the Roseville and Sacramento area. If you are in the midst of foreclosure, or headed towards it, I can offer you a solution that can solve some of your financial problems: short selling your home.

I wanted to talk to you today about the Mortgage Debt Relief Act because a lot of people don’t realize that if you have an intention of considering a short sale in the near future, the Mortgage Debt Relief Act expires at the end of 2012. At this time, there’s no indication that it will be extended. You might be asking what the Mortgage Debt Relief Act is. If you are a short sale seller, when you close on your short sale, you’ll receive a 1099 for the difference of how much you owed and how much the bank netted on the sale of your home.

If you are considering doing a short sale, I wouldn’t risk what could happen at the end of the year. With 2012 being an election year and the Mortgage Debt Relief Act expiring, there is a lot of uncertainty out there in regards to the real estate market. The government wants more taxes and they may take a look at this law and all of the forgiven debt and do away with it.

If you are interested in doing a short sale, please give me, your short sale specialist, a call today. You can also fill out the "Getting Started" Form on my website and tell me about your specific situation. By allowing me to sit down and discuss your specific situation, I can help you determine if short selling your home is the right choice for you. Should it be the right decision, I can provide you with the information and education you need while walking you through the process to successfully short sell your home.

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