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Does My Short Sale Qualify Under The Mortgage Forgiveness Debt Relief Act
Great news! The Mortgage Forgiveness Debt Relief Act has been extended through December 31, 2014. If your home was involved in a short sale, foreclosure, or cancellation of debt in 2014 this is huge news as you might be able to forgo paying the taxes on the amount "forgiven" from your mortgage lender. It is best that you consult a tax professional when preparing or receiving advise regarding your 2014 taxes and debt forgiveness, but here are a few simple qualifying examples and articles to get you started:
The home in question for which you received debt forgiveness must have been your primary residence at the time ownership changed hands (the home was sold or foreclosed upon).
The home was included in a bankruptcy.
You are insolvent at the time of sale, meaning your debts total more than the fair market value of your assets.
Some USDA loans or debt incurred from operating a farm.
Non-Recourse loans meaning that the lender likely opted for immediate foreclosure but they are not legally allowed to hold you, the mortgagee, responsible for any remaining balance on the loan.
Tatyana Sturm and The Storck Team have been honored to serve the Denver and surrounding areas in relocation real estate for the last 10 years as one of Denver’s leading short sale specialists. If you or someone you know is facing foreclosure, make sure you are educated on your options. You might have equity or money in your home that you are unaware of in this ever changing real estate market. Call or text The Storck Team at (720) 350-5909.
Tatyana truly understands the dynamics of selling homes in the Denver Metro real estate market and is an expert at educating her clients so they can make the best and informed decisions for their need....
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