Mortgage Forgiveness Debt Relief Act in Las Vegas

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Mortgage Forgiveness Mortgage Forgiveness in Clark County Nevada– if you are thinking of about short sale then don’t delay the decision because in Las Vegas is expiring on December 31, 2012, which means if you missed this date, you still need to call us! We can still help your tax implications with good planning.

Clark County Nevada homeowners short sale their house by next year (December 2012) at less than what the owe to the bank, they can walk away free and clear and owe nothing to the bank or pay taxes on the shortage amount.

Short Sale Help

At this time, we don’t know whether the Congress will extend Mortgage Forgiveness Debt Relief Act for more years.  If this program is not extended then homeowners will be responsible to pay taxes on the forgiven mortgage amount.

For example, if your mortgage balance is $800,000 but the house sells for $600,000 at the current market value then there’s a shortage of $200,000 to your bank. If you do a Las Vegas short sale by 2012 then there’s no taxes to pay but if sell after 2012 then the shortage of $200,000 will consider as your income because it’s a loss to your bank, in this situation you pay taxes on that $200,000 which will be a huge amount which will affect more to your financial situation.

According to the Mortgage Forgiveness Debt Relief Act, if a homeowner borrows money up to $2 million dollars to buy a house and does short sale due to hardship then the lender forgives the remaining balance and the homeowner is not responsible for paying taxes on the forgiven amount.

This act applies to primary residences and not for investment properties.  If you would like to know more about Mortgage Forgiveness Debt Relief Act cancellation of 2007 then click here to view official website.

Debt Relief Act in Clark County Nevada

I hope this will be extended for another couple of years so that homeowners can avoid foreclosure and heavy taxes if they decide to do short sale after 2012, but if you think that you cannot afford any payments then consult with a professional to see if the short sale is the right choice or not.

Ratliff/Pittenger Group have helped many homeowners successfully sell (short sale) their house in bay area and avoided foreclosure.  So, if you are having difficulty in paying mortgage and wants to know your options to avoid foreclosure or have any questions on short sale then call us directly at 702-807-5528 for a free consultation to see what all options are available to avoid foreclosure.

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