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What Happens When H.R.3648 — Mortgage Forgiveness Debt Relief Act of 2007- Ends Dec 31st 2012?

What Happens When H.R.3648 — Mortgage Forgiveness Debt Relief Act of 2007- Ends Dec 31st 2012?

This is very important to anyone thin king about short selling their home in Santa Clarita (or anywhere for that matter). Right now, because of legislation passed in 2007 the loss on your home after a short sale or a foreclosure is not taxable. But this was not the case prior to the law being passed in 2007 and this law HR 3648 expires December 31st 2012. So beginning next year if you short sale your home or foreclose on it you can be responsible for the taxes on the loss.

This can affect many of us here in Santa Clarita that are upside down. Many homeowners are $100,000 or more under water on their mortgages and if you do a short sale on your home after this year you may owe the government up to $36,000 per hundred thousand you sell for a loss.

If you or someone you know could benefit from a short sale consultation, please fill out the form below and we will be happy to assist.

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