Mortgage Forgiveness Debt Relief Act in Las Vegas

by Robert Ratliff on April 20, 2012

Mortgage Forgiveness Debt Relief Act in Las VegasMortgage Forgiveness Debt Relief Act in Las Vegas– if you are thinking of about short sale then don’t delay the decision. Mortgage Forgiveness Debt Relief Act in Las Vegas is expiring on December 31, 2012, which means if Las Vegas 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.

Mortgage Forgiveness Debt Relief Act in Las Vegas

At this time, we don’t know whether the Congress will extend Mortgage Forgiveness Debt Relief Act in Las Vegas for more years.

If Mortgage Forgiveness Debt Relief Act in Las Vegas doesn’t extend then Las Vegas 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 in Las Vegas, if a Las Vegas 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 in Las Vegas Cancellation of 2007 then click here to view official website.

Mortgage Forgiveness Debt Relief Act in Las Vegas

I hope Mortgage Forgiveness Debt Relief Act in Las Vegas extends for another couple of years so that Las Vegas 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.
you can contact us at:
Ratliff/Pittenger Group: ReMax Advantage
8548 W. Lake Mead Blvd.
Las Vegas, NV. 89128

Ratliff/Pittenger Group – Summerlin NV Office
Ratliff/Pittenger Group: ReMax Advantage
10075 S. Eastern, #103
Henderson, Nevada 89052
United States

Ratliff/Pittenger Group – Henderson NV Office

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Mortgage Forgiveness Debt Relief Act in Las Vegas

Local Reviews
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Rated 5.0 out of 5 stars based on 6 customer reviews

Absolutely the BEST!! Flawless help with Shortsale, NUMBER 1

I found Ratliff/Pittenger Group by chance finding online doing research on a short sale and the process. I had no clue what to do with an up side down house and no where to turn. I was amazed at the immediate response I recieved, I was connected with likely the best realtor out there, Diana Valento who went over and above the call to do and help with everything during the appx 6 to 9 month process we ventured on. She and her group lifted the weight and the burden off my shoulders, They handled all paperwork, all contacts, all question, anything that was needed. it was taken care of. I can't say enough how much I know Diana went out of her way to help me with and could not have done it without her. I also know that I have made a life long friend in her and am truely blessed to have been able to experience such a stressful time with some who truely understands, helps and just a really good person. Best wishes to the Ratliff group and to all who are in need of some seriously great group of Realtors, I would recomend them whole heartedly. Thank you again -David

Great service

Helped me with every step of the purchase

True Valued Service Professionals!

Diana, Osmany and (The Ratliff Team), we appreciate all of the hard work your team have done for us and we can't thank you enough for making this sale transaction to close in less than 3 months. Your team of pros made this transaction far more than a seamless and painless experience for us. You guys are just awesome, true professionals!!! We definitely will share our great experience with our family and friends and we look forward to using your service again in the near future.

Great Service and KInowledge

The transaction was smooth and the knowledge was impeccable. Not only did I get a great deal but the experience was painless.

Great Service and very thorough!

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Robert Ratliff
Robert Ratliff is a nationally recognized RE/MAX Real Estate leader who has been helping people move in and out of the Las Vegas & Henderson Nevada area for the past 10 years. He has been one of the top RE/MAX Realtors in Nevada for the past decade. Specialized Categories: Real Estate Agency, Luxury Home Realtor, Property Management Company, Commercial Real Estate Agency, Short Sale Realtor.
Robert Ratliff


REMAX LAS VEGAS REAL ESTATE REALTOR specializing in luxury homes, short sales, condos, single family homes, high rise condos, foreclosures.
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Robert Ratliff
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