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If You Are Considering A Short Sale Act Fast To Save Money On Your Taxes

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Hello everyone Shawn Polston here with Tucson Short Sale, your short sale expert in the Tucson area, thank you for stopping by my blog today. I work with Keller Williams in Southern Arizona and use my blog to provide distressed property owners with valuable information on their options for avoiding foreclosure. If you are behind on your mortgage or already considering a short sale please give me a call today to discuss your options.

For my blog today I wanted to discuss the Mortgage Debt Forgiveness Act and why time may not be on your side when it comes to tax breaks on your short sale. The Mortgage Debt Relief Act was put in place by Congress in 2007 to make sure homeowners who complete a short sale do not have to pay taxes on the debt that is forgiven in their short sale approval. The difference between the selling price of your home and the money owed on your mortgage is considered taxable income but thanks to this act of Congress if your short sale is approved by the end of 2012 you won’t pay any taxes. In order to qualify in Tucson the property must be your primary residence and may not sell for more than two million dollars. A typical short sale in Tucson takes four to six months to complete so it is important to start your short sale soon.

We may certainly be able to get a short sale completed quicker but you may want to start considering your options for your distressed property. If you live in the Tucson area give me a call today so we can discuss your options for avoiding foreclosure and saving yourself on taxes. Thank you for your time today and I look forward to hearing from you soon at Tucson Short Sale, Tucson’s short sale expert.

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