Lance Denha Comments About the Looming Deadline for Short Sales

(PRWEB) October 09, 2012

As reported earlier this year by The Baltimore Sun on June 20th, unless Congress grants an extension, a law designed in 2007 to support troubled home owners expires at the end of this year. It allows them to steer clear of paying taxes on forgiven debt for their primary residences. As of this date, Congress has failed to take any action which could leave a lot of sellers facing a daunting tax bill in 2013. If, for instance, a lender wipes away a $ one hundred,000 debt in a short sale or finalizes a foreclosure on a delinquent homeowner, the common borrower could owe a lot more than $ 25,000 in taxes.


In recent years, most underwater home owners who lost property to foreclosure or brief sales have been excused from possessing to pay taxes on this income, thanks to the Mortgage Debt Relief Act of 2007. The current law states that home owners dont have to incorporate forgiven debt as earnings supplied:



Awaiting short sale approval?

Question by Christina C: Awaiting short sale approval?
I live in GA : Currently still have pending approval on short sale and tax relief expires 12/31 … At this point what can I do to avoid having to pay the tax on the property.. Should I continue to wait for the approval or let it go to foreclosure ? please advice

Best answer:

Answer by Melanie
You can possibly avoid the short sale altogether by obtaining a securitization audit and presenting it to your lender. You could then leverage the information in the audit to obtain a loan modification.

Here’s a success story right up your alley:

The securitization audit, when performed by companies like Paladin Securitization Auditors, will effectively show any Federal Trade Commission violations in a securitized home loan. Also, they will usually show that the servicer does not have the authority to foreclose on a property since 9 out of 10 times they don’t have the actual mortgage note.

Even if you haven’t officially obtained a sale date yet, you can give them a call or email them. They offer a free consultation with no strings attached. Here’s their web page:

They have a pretty big list of success stories on the site too.

Good luck!

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