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Wednesday, January 2, 2013

Mortgage Debt Relief Extended Another Year for Arizona Homeowners



Mortgage Debt Relief Extended Another Year for Arizona Homeowners

The Mortgage Debt Relief Act ("MDRA") enacted in 2007 was scheduled to expire December 31, 2012.  In the "fiscal cliff" legislation just enacted by Congress, however, the MDRA has been extended until December 31, 2013.  Therefore, after a foreclosure or a short sale of a home in Arizona, any debt forgiveness of a mortgage loan used to purchase or improve the home will continue to not be taxable income.

So if you were thinking of short selling your home, you should call me as soon as possible.

Mortgage Debt Relief Extended Another Year for Arizona Homeowners

Richard Bazinet - Realty ONE Group - Phoenix Scottsdale Real Estate