Idaho Mortgage Debt Relief Act Extended

In Featured, HomesWithJosh.com Featured, Short Sales by josh groesbeckLeave a Comment

As the real estate market has been improving here in Idaho there are still many home owners that are upside down on their mortgage and in need of some relief.  For more information on how this can help you or someone you know don’t hesitate to call Joshua Groesbeck 208-353-7131 or josh@homeswithjosh.com  Visit www.idshortsale.com

As originally reported by the National Association of Realtors, short sale agents and sellers should breath a sigh of relief due to the extension. This will extend mortgage cancellation relief for home owners or sellers who have a portion of their mortgage debt forgiven by their lender, typically in a short sale, loan modification or deed in lieu transaction. Without the extension, any debt forgiven would have been taxable thus leaving distressed home owners overwhelmed with more debt!

Also, Congress retained the mortgage-interest tax deduction and the PMI tax deduction. Overall, a very good result for the real estate industry!

 

Leave a Comment