The mortgage debt relief act was signed into law by President Bush. Today, President Bush signed the Mortgage Forgiveness Debt Relief Act of 2007, which will help Americans avoid foreclosure by protecting families from higher taxes when they refinance their home mortgages. This Act will create a three-year window for homeowners to refinance their mortgage and pay no taxes on any debt forgiveness that they receive. Under current law, if the value of your house declines, and your bank or lender forgives a portion of your mortgage, the tax code treats the amount forgiven as income that can be taxed.
This Act will increase the incentive for borrowers and lenders to work together to refinance loans and allow American families to secure lower mortgage payments without facing higher taxes. This really helps folks who are looking to short sale real estate.
It also helps those who do a short refi. the short refinance is different than the short sale. The short sale involves selling real estate and teh short refi involves refinancing real estate. Both involve a short payoff, that is the short sale and the short refinance. There will be more on the short sale aspect on this blog. What a great holiday gift to those doing a short sale!
Locate Short Sale properties in florida that are available for florida short sale. Some short sales in florida are better than other short sales in florida.