January 2014 and this is great news for borrowers that are being forced to short sale their property. If you are an owner occupant and you must short sale the property because of a hardship, you will not be liable to pay federal taxes on the difference between the
pay-off of your loan and the sales price of the property.
This extension is only guaranteed for one more year so if you need to short sale your property call me today as the short sale can be a lengthy process.
For more information about the Mortgage forgiveness debt relief act click on this link: http://www.luxurygulfproperties.com/real-estate-news.html
Bev Dudley, Realtor
Fleur de Lis Realty