Mortgage Debt Relief Act
Per the National Association of Realtors post today, as part of the "fiscal cliff" settlement, this act has been extended a year, until December 31, 2013. That's good news for sellers doing short sales. The HAFA program, Home Affordable Foreclosure Alternative was extended earlier last year until the end of 2013. HAFA approval allows that sellers will not be liable for the deficit on the sale of the home. The Mortgage Debt Relief Act allows them to not have to pay taxes on this deficit.
Overall, maybe not the best answer for our ailing housing market, but it certainly has helped to streamline short sale closings and that has helped our real estate market.
http://www.makinghomeaffordable.gov/programs/exit-gracefully/Pages/hafa.aspx
http://www.irs.gov/Individuals/The-Mortgage-Forgiveness-Debt-Relief-Act-and-Debt-Cancellation-
http://www.sun-sentinel.com/business/realestate/house-keys-blog/sfl-mortgage-debt-relief-extended-link-20130102,0,2189193.story
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