It took them long enough, but Lawmakers finally extended the Mortgage Forgiveness Debt Relief Act for 2013!
This means homeowners can continue to be excused from paying taxes
on forgiven mortgage debt through 2013. The law, established in 2007,
was set to expire Dec. 31 2012. Without that extension, if you completed a short sale or
mortgage modification you may have faced hefty tax bills!
I think we can all agree it's better late than never! If you have been on the fence about what to do with your home and are struggling here is South Florida, contact me for a free consult to discuss your options. Don't put it off as time flies and there is no telling what lawmakers will do next year.
