2012 is almost GONE!

Brought to you by   SANDIEGOHOUSESHOP.COM   (619) 354-4636  or Click here http://www.sandiegohouseshop.com/contact to Reach a CHULA VISTA AND SAN DIEGO  SHORT SALE SPECIALIST     Hugo Sanchez Realtor

So what’s happening next, 2013 is almost here!

Many people are talking about the Fiscal Cliff, also about the in MID and last but not least the debt forgiveness act.

According to the experts president Obama still discussing what it’s going to be done about the fiscal Cliff.  This week President Obama is addressing Congress. For more info  click here.

When he comes to the MID talks are still on the table with Congress are discussing perhaps an extension or a new more updated version of it. See below for report and also how to fix action.

Click Here for the report   Click here for the call of action!

The debt forgiveness act many talks have been around this particular topic because without it there chances that people will wind up owing money to the government because of capital gains. There is no reason why to worry yet because back in February Pres. Obama was trying to enact a new bill (FY2013) which integrated the debt forgiveness act as part of it, if this happens to pass then many things will be taking care of. Click Here for more info about the Bill.

In case you have any more questions feel free to contact us! 

Do you want to know the Short Sale Facts for Short ? 

Click Here 

HAFA program Explained? 

Click Here

Do you Qualify for a Short Sale? 

Click Here 

Will the Mortgage Forgiveness Debt Relief Act be Extended?

You can Count on us   SANDIEGOHOUSESHOP.COM AT  (619) 354-4636  or Click here http://www.sandiegohouseshop.com/contact to Reach a CHULA VISTA AND SAN DIEGO  SHORT SALE SPECIALIST     Hugo Sanchez Realtor

Mortgage forgiveness debt relief act of 2007

Many of our clients have asked if this act will happen to be extended.

As a reminder this legislation ensures that homeowners who received principal reductions or other forms of debt forgiveness on their primary residences do not have to pay taxes on the amount forgiven,  without it the debt forgiven on a loan modification or short sales will qualify as income that is taxable to the borrower.

 In order to avoid that, you would have to presently close that loan modification or  the short sale on or before December 31^st 2012.

A few months back DSnews reported:

“Obama’s FY2013 budget proposal includes an extension of the Mortgage Forgiveness Debt Relief Act of 2007…  

In the Treasury’s Green Book, its summary explanation of the administration’s budget proposal, it calls for an extension of the tax break due to “the continued importance of facilitating home mortgage modifications.”

The administration is proposing an extension that would apply to any amounts forgiven before January 1, 2015.”

In today’s date this could mean a great help for all the homeowners that have a pending loan modification or short sale.  This budget proposal could be considered doubtful and both parties would have to agree of this agreement be extended we can in the hope that Congress get their act together and passes this provision. 

Disclaimer: we strongly recommend you do that for any tax issues you consult your tax agent.

Contact us at http://www.SanDiegoHouseShop.com/contact