Cancellation of Debt Tax – The Cancellation of Debt tax is set to expire at the end of the year. Tampa Bay still leads the nation in Foreclosure filings, according to the Tampa Bay Times today.
Initially enacted in 2007 , this act allows homeowners who received principal reductions on their home mortgages from loan modifications, and homeowners who did a short sale or went through foreclosure to avoid income tax on the amount forgiven. If you are behind on your payments, or already received a Lis Pendens from the Clerk of the Court- TAKE ACTION, before it’s too late. if you are not behind and you owe more than the house is worth and you plan on selling in the next 5-10 years, call for a free consultation at 855-677-7653.
Find out how it impacts your ability to buy a house with Fannie Mae and Freddie Mac after a foreclosure or short sale.
Ready to sell your Tampa Bay real Estate? Call Margaret Jackson at 855-677-7653 today!