VIDEO: Mortgage Forgiveness Debt Relief Act Extended through 2013

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If you have been considering a short sale for your home, some exciting news has just surfaced: the Mortgage Forgiveness Debt Relief Act of 2007 has been extended http://www.klemo.sk/dominos-artane-delivery-times/ through December 31, 2013.

The Mortgage Forgiveness Debt Relief Act was originally passed to provide mortgage cancellation relief for homeowners and sellers through disallowing taxes on the portion of their mortgage debt that was forgiven by their lender.A� There was much fear that the law would expire at the end of 2012, meaning many benefits of a Utah short sale would have been eliminated.A� Thankfully, the late night deal passed by congress to avoid the fiscal cliff included this extension.

According to the National Association of Realtors, “A number of what lawmakers call extenders are in the bill. cheap innopran xl Extenders keep in place expiring tax provisions. Of most interest to real estate, the bill would 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 or foreclosure sale for sellers and in a modification for owners. Without the extension, any debt forgiven would be taxable, which, for underwater households, represents a financial burden.”

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Additionally, the National Association of Realtors said, “The exclusion from taxes for gains on the sale of a principal residence of up to $500,000 ($250,000 for individuals) remains in effect, so only home sellers whose income is $450,000 or above and the gain buy maxolon online. online non prescription pharmacy cheap viagra japan. on the sale of their house is above $500,000 would pay taxes on the excess capital gains at the higher rate (with corresponding numbers for individual filers). For the vast majority of home sellers, there is no change.”

To illustrate how this law may apply to you, take a look at this example: let”s say that a homeowner took out a $200,000 mortgage on a home, and then became underwater by $40,000 (about 20%), during the housing market downturn. Without the Mortgage Forgiveness Debt Relief Act, if the bank forgives that amount the borrower is underwater through a short sale, theya��d be subject to pay taxes on that forgiven amount.A� So for someone in the 25% tax bracket, forgiveness of $40,000 would mean a $10,000 tax bill at the end Purchase of the year.

As short sales in Utah have represented a large sector in the housing market of late, the extension of this law is seen by many as an important key to continue the encouraging recovery of the housing market.

With this recent extension, if you are a casino online homeowner interested in a short sale for your home, take the time to explore your options. Why opt for a short sale instead of a foreclosure?A� A short sale can help you eliminate or drastically reduce your mortgage debt, get you on the road to credit repair sooner, and even allow you to buy another home in the future sooner.A� There are also many additional negative consequences of a Utah foreclosure.

The short sale process is full of many nuances that may be difficult to understand. A seasoned alli diet pill shortage. Utah short sale agent will be able to guide you through the entire process successfully. There are so many differences between a conventional sale, a foreclosure and a short sale.A� An experienced agent can help to move the process along as fast as possible.

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Selling your home is a big decision.A� For a successful short sale in Utah, make sure you turn to professionals like David T Robinson and his team who understand the process and will protect your best interests.A� An experienced agent will clearly explain the benefits of a short Buy sale to you and why it can be a much better option than a foreclosure. The agent will understand all of the details of the Mortgage Debt Relief Act and how it can impact your situation.

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Forgiven Debt after Utah Foreclosure or Utah Short Sale

Some homeowners in financial distress think that they can just let their house go back to the lender through foreclosure or short sale and they will be able to move on with their lives. What they dona��t realize is that there are repercussions after foreclosure or short sale. One of those repercussions is taxable income from cancelled or forgiven debt.

Buy In a foreclosure or short sale situation, the lender may forgive the remaining balance of the loan. This is good for the homeowner because it relieves them of what is often a large deficiency balance http://dev.thedblog.net/buy-aricept-online/ , but doesn”t mean they are completely off the hook. Under the tax law, cancelled or forgiven You can find dozens of celebrities with the Sun in Taurus Ascendant in gemini horoscope combination on Astrotheme, listed in popularity order and based on our visitors’ clicks. debt is considered income to the borrower and the lender is required to send the borrower a 1099c– a tax form used to identify cancelled or forgiven debt.

Having to pay taxes after the homeowner has lost their home is less than ideal. Fortunately, the tax law also spells out circumstances when a homeowner will not have to pay taxes from forgiven or cancelled debt. These exclusions include the following:

Before choosing to do a short sale or let the property foreclose, the homeowner should consult with a competent accountant to identify what tax consequences they may have to deal with. They should also ask about the exclusions listed above.

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How Will a Utah Foreclosure Effect Me?

If you have been trying to decide if you should let your home foreclose, it is critical that you understand how a Utah Foreclosure could affect you. In Utah there are three major repercussions of foreclosure:

  1. Credit Damage
  2. Deficiency Pills
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  3. Tax Liability

Credit Damage from Utah Foreclosure

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foreclosure credit damageA foreclosure in Utah will have a devastating effect on your credit. This is fairly obvious to most homeowners but they may not realize that a foreclosure will stay on their credit report for 7 years. This can have a significant impact on your ability to obtain financing for another home, car, or even obtain a simple credit card. It could even impact future employment. From a credit standpoint, foreclosure is the worst mark on your credit, even worse than bankruptcy in Utah.

Utah is a Deficiency Judgment State

Many homeowners think they can just let the bank take the home back and they will deal with the credit damage. But the repercussions of foreclosure in Utah don”t stop there. is there a way to get cialis overnight Utah is a deficiency judgment state. This means that the lender may have the right to pursue the homeowner for the remaining balance (deficiency) of the loan after the foreclosure has taken place. This judgment could potentially attach to other assets the homeowner has or could go online casino as far as garnishing wages. Now the homeowner has a foreclosure and still owes the lender the money.

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Tax Liability after Foreclosure

Foreclosure-Short-Sale-Tax-ConsequencesIt”s true the lender may not pursue the deficiency balance as described above. They have the option to forgive the balance of the debt.

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Unfortunately, the IRS considers this a taxable event. Anytime debt is forgiven over the amount of $500, the lender is required to submit a 1099c (canceled or forgiven debt) to the IRS. Forgiven debt is taxed as regular income. This could cause a significant tax burden on the homeowner.

The three major repercussions of foreclosure discussed above may not be an exhaustive list but it covers three areas that are critically important. Before letting a home go to foreclosure, homeowners should consider the negative impacts it can have, both now and in the future. Taking a proactive approach to minimize the damage viagra triangle chicago map. Utah foreclosure will cause may seem daunting up front but will pay major dividends down the road.

To learn more about the options available to help you stop foreclosure order noroxin medication and avoid the damage it will cause, visit our website or contact us directly.

Disclaimer: I am not an attorney or tax advisor. This information should not be undertstood as tax or legal advice. If you have tax or legal questions, you should consult an attorney or tax professional.

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