Here is another Benefit for Homeowners to do a short Sale with Investors. This act benefits homeowners because lenders cannot try and collect the deficiency whatsoever.
D.C. Fawcett
The Forgiveness act will allow sellers to sell their homes by short sale without receiving a Form 1099 for the deficiency ( difference between what they owed the lender for their home and what they received from a short sale). This Act is retroactive from
- job loss,
- divorce or separation,
- medical bills,
- business failure,
- adjustable rate mortgage reset, or similar reasons,
but you owe more than your home is worth, then you won’t have to pay taxes on your loss or have a 1099 that raises you to a higher tax bracket.
http://www.govtrack.us/congress/bill.xpd?tab=main&bill=h110-3648
Related Articles
1 user responded in this post
Amazing. I’ll add to favourites your blog. Do you want to write more about it?
Leave A Reply
Please Note: Comment moderation maybe active so there is no need to resubmit your comments