Merry Christmas for short sellers: Mortgage debt forgiveness is back!
On December 16, 2014, President Obama signed a bill that extended the Mortgage Forgiveness Debt Relief Act to cover any mortgage debt cancelled through year-end 2014. The Mortgage Forgiveness Debt Relief Act prevents homeowners who went through a short sale, foreclosure sale (Sheriff’s Sale) or principal reduction from being taxed on the amount of mortgage debt forgiven. For homeowners to qualify for this tax exemption in 2014, their sale or loss mitigation (workout) must close by December 31, 2014. This is Great News!
Bonnie is the visionary that has driven the company and culture of Avalon since 1993. Her passion is improving procedures and practices; incorporating technology and value added services for both our clients and tenants.