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Mortgage Debt Relief Enactment Assists Home Owners

Published February 5, 2011 in Bank America Short Sales - 0 Comments

My First Short Sale

Hi! Welcome to Group 46:10’s short sale website. We are Kevin Kauffman and Fred Weaver, Arizona’s leading short sale specialists. There are a lot of high-quality morsels of information on this blog to help Maricopa county home owners stay knowledgeable or get up to date about short sales in Arizona. We have completed more than 350 short sales over the previous couple years at a fantastically high success ratio. So, we have lots of good quality information to share with you.

At the moment, we would love to chat about what lies ahead, specifically in the next year or two. One point we know for sure is that the Mortgage Debt Relief Act of 2007 is coming to an conclusion. In case you do not understand what that is, we will give you a short summary. This Act was something that President Bush set into place. It permits homeowners who lose their primary residence through foreclosure or short sale to avoid paying taxes on forgiven debts. There are only a few guidelines that need to be met in order to qualify and nearly all citizens meet the criteria for this Debt Relief Act.

You may want to think about that you have to close your short sale in the near future so that you can avoid paying taxes on any debit forgiven. We will nonetheless refer you to a tax advisor since every situation is different. Nevertheless, acting today can save you lots of money in the long run. Now that you have until the end of 2012 to complete your short sale and evade a tax penalty. This just may be your saving grace.

We would like to talk to you further about your choices. Please fill out a form on our blog regarding your Arizona short sale. We look forward to speaking with you.

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Get more information on selling your home from Kevin and Fred at My First Short Sale by the Short Sale Specialists of Arizona

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