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Still time to Short Sale: Mortgage Foregiveness Debt Relief Act Extended through 2013

Those needing Arizona short sale help can still sell and capture debt foregiveness
In the ultimate show of procrastination, the Mortgage Forgiveness Debt Relief Act was extended once again through the end of 2013. The act was kept in place, in part, to avoid the Fiscal Cliff that’s been much the topic of discussion lately.
mortgage debt relief act The law, originally enacted in 2007, allows homeowners that experience a short sale or foreclosure on their primary home to avoid paying income taxes on the forgiven debt. If it had actually expired the end of 2012, like it was slated to, borrowers who did loan modifications or short sales may have faced large tax billed tied to the forgiven debt on their mortgages.

Although the Debt Forgiveness Act is extended through 2013, borrowers that are thinking of short selling should keep in mind that a short sale can take up to 6 months, or even more in some cases, so don’t wait to get started. If you’re looking to short sale in Arizona, please reach out to use today to see if you qualify for a short sale.



This content was originally posted by Tracy “Royce of Real Estate” on

Tracy is an Arizona Short Sale Realtor, Investor, Rehabber and Foreclosure Expert. She is also an avid blogger, vlogger, and consultant on all things Arizona Foreclosures.

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royce of real estate testimonial

You did the IMPOSSIBLE!

Hi Tracy, sorry took awhile to get this to you. I can't tell you how much stress we were under once the house went into foreclosure. All the mail, phone calls, and it made it more confusing because it seemed like there were alot of "what ifs" and people telling us they could help. I called you and we felt really good about how honest you were. You and your team took the time to answer every single question we had and what was best was the quickness everything got done. I get that Desert schools isn't easy to work with because I had been dealing with them and Ocwen for months on my own. The fact that now we don't owe any money and no taxes and they can't come after us for anything is, like you said, a miracel. I don't wish this stuff on anybody but I would be happy to recommend you guys to people that may need this type of hlep. Your welcome to use this written testimonial. Be blessed - M

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