On December 20, 2007 President Bush Signed H.R. 3648, The Mortgage Forgiveness Debt Relief Act of 2007. The law applies to primary residences only and takes effect from January 1, 2007 through December 31, 2012. It provides relief to home owners by shielding them from the additional burden of potential federal income tax on any amount written off or forgiven by their lender in case of foreclosure or short sale. Followed on the heels of the federal debt relief the state government also enacted legislation for the same purposes but please consult with an experienced tax professional to see how the law applies in your circumstance. It is strongly advised.
Robyn Seymour CLHMS SRES ABR CRS GRI
Prudential California Realty
949-793-5088
Robyn@RobynSeymour.com
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Welcome to my blog. I'm a Southern Califoria Realtor specializing in short sales specifically in South Orange County. My goal is to provide you with honest and extraordinary service and expertise. I hope that you will find this blog helpful and that you will continue to follow my updates. Your comments are welcome.
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