2013 Mortgage Debt Forgiveness Extension

This Springfield short sale was one of my listings.  It and all short sales will benefit from the recent extension of the Mortgage Forgiveness Act of 2007.

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Short sales are some of the best values on the market in 2013.

Eugene Springfield short sellers got some relief from our Government ‘s avoidance of the fiscal cliff.  Until recently, when banks forgive mortgage debt, it is a taxable event.  Not so with the Mortgage Debt Relief Act of 2007; which was just extended through the end of 2013 by House Bill HR 8, the Taxpayer Relief Act of 2012.  (Section 202, page 25 of 154).

Short sales in Eugene Springfield are increasingly common these days.  They occur when the sales price of a house is less, or short of, the amount of the loan.  While more complicated than a traditional sale, they can be a good option if you need to sell and owe more than the house is worth.

Of course, complicated tax issues should be discussed with an accountant.  If you have short sale questions on Eugene or Springfield real estate, please feel free to contact me.

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