Mortgage Forgiveness Debt Relief Act

As the number of people contemplating the possibility of a foreclosure or a short sale on their home, many are feeling “safe” that they may be tax free of that debt as well, following the debt forgiveness act by their lender.  You need to make sure you do your homework very carefully.  Hiring a short sale specialist to negotiate can be the best way of going about this, they know the game and know the inside secrets of making this as smooth as possible.  Many terms are negotiable with lenders; you MUST know what questions to ask in order to protect yourself.  Here are just a few issues that may pop up if you’re not careful and not asking the right questions: recourse, deficiency judgments or even tax bills.  Furthermore, do you even know what the Mortgage Debt Relief Act is and really means? It isn’t a cure-all and it’s not even an option for everyone.  There are many things that go into whether or not you may qualify for the protection act, so do your homework and ask a short sale specialist.

Here is the publication 4681 that teaches accountants how to deal with debt forgiveness CLICK HERE!

To speak with a short sale agent contact us at:

Stop Foreclosure Davis Weber County Utah 

(801) 960-2853

Joe@StopForeclosureDavisWeber.com