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Temecula homeowners rush to complete a Short Sale in 2012.
In just a short 12 months from now the protections offered to Temecula homeowners by
the “Mortgage Forgiveness Debt Relief Act of 2007” will expire. Congress passed this act to protect homeowners who have lost their homes. In summary this act protects you for up to $2 million dollars when a lender cancels or forgives debt in a short sale. The protection is in the form of protection from taxes.
You will not be responsible for paying taxes on the forgiven amount. This is the amount that your lender is required to put on the I.R.S form 1099c which you will receive after a short sale is completed.
This protection applies to your primary residence only. I have provided a link here for you that will take you directly to the bill as it appears at the I.R.S. web site.
This is why I believe in 2012 Temecula homeowners will rush to complete a Temecula Short Sale.