Costa Mesa's Neighborhood Blog

A blog about Newport and Costa Mesa with an emphasis on Costa Mesa Real Estate and Newport Beach Real Estate, written by a lifetime local resident of coastal Orange County whose knowledge of the area, combined with a strong background in mortgages, real estate and being an attorney, gives her clients many advantages.

Mortgage Debt Relief Act of 2007 Extended by Congress - Good News for Short Sale Sellers

Mortgage Debt Relief Act of 2007 Extended by Congress

Good News for Short Sale Sellers

 

The Mortgage Debt Relief Act of 2007 offers tax relief to certain home owners who short sale their homes or had a foreclosure. When a foreclosure or short sale occurs, the debt cancellation may be considered ordinary income. This Act allows some homeowners an exemption and may remove tax liability preventing these distressed home owners from further tough consequences resulting from their short sale or foreclosure.

 

The Mortgage Debt Relief Act was set to expire on December 31, 2012 though it was extended by Congress as part of the deal reached to avoid the fiscal cliff.

 

This is good news for home sellers who were trying to beat the clock and were not able to close by December 31, 2012 and were concerned about the tax consequences they might incur for failure to close on time.

 

If you have questions about an Orange County short sale and would like to schedule a free consultation, please contact Christine Donovan at 714-319-9751.

 

 

 

This post is not intended as legal nor tax advice and no warrantee or guarantee is intended. Please contact your legal and tax advisors to discuss your specific situation.      

Originally posted at: Morgage Debt Relief Act of 2007 Extended by Congress - Good News for Short Sale Sellers.

***************************************************************************

About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.

Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? For more information see Options to Foreclosures, understanding short sales or contact me at christine@donovanblatt.com to discuss your options.

If you want to buy a home or to list your property for sale, please click Newport Beach homes, Costa Mesa homes, Huntington Beach homes or Orange County homes.  Click the link if you are interested in buying a home at a courthouse auction sale.

Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.

Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.

Click Orange County homes for sale to view all OC homes for sale.

Comment balloon 0 commentsChristine Donovan • January 06 2013 11:01PM
Mortgage Debt Relief Act of 2007 Extended by Congress - Good News for…
share
Mortgage Debt Relief Act of 2007 Extended by Congress Good News for Short Sale Sellers The Mortgage Debt Relief Act of 2007 offers tax relief to certain home owners who short sale their homes or had a foreclosure. When a… more
Why is it So Hard to Buy an Orange County Home Today?
share
Why is it So Hard to Buy an Orange County Home Today? Many Orange County buyers are finding the process of buying a home today to be very frustrating. In large part, this is due to a lack of homes for sale. Last January, there were… more
Huntington Beach Christmas Tree Recycling
share
Huntington Beach Christmas Tree Recycling It's been a wonderful Christmas, and now it's time to take down the Christmas tree and enjoy the New Year. Still, your left wondering about Huntington Beach Christmas tree recycling and what do you do… more
It Feels Great to be King for a Day! Speechless Sundays
share
It Feels Great to be King for a Day! Speechless Sundays I had no idea how delighted my little one would be to have his very own crown and a throne. He spent the forty minutes in the party room guarding his… more
104th Newport Beach Boat Parade - 12-19-12 to 12-23-12
share
104th Newport Beach Boat Parade - 12-19-12 to 12-23-12 The 2012 Newport Beach Boat Parade will run from 12/19/12 to 12/23/12. This amazingly colorful, holiday spectacle has been part of my family's holiday traditions for as long as I can… more
Decking the Halls or the Christmas Tree - Speechless Sundays
share
Decking the Halls or the Christmas Tree - Speechless Sundays He was so intent on reaching the higher branches. He said the lower ones were thoroughly decorated, and he felt it was unfair that Big Brother could decorate… more
Christmas in the OC
share
Christmas in the OC We are fortunate that there is so much to do here in Orange County, especially at Christmastime. Whether you want to look at Christmas trees, or go to Snoopy House to visit the Peanuts gang or ride a… more
Seabridge Huntington Beach Condo - 2 Bedroom
share
Seabridge Huntington Beach Condo - 2 Bedroom This lovely 2 bedroom Seabridge home in Huntington Beach has an upgraded kitchen with granite counters and stainless steel appliances. Wood floors grace the kitchen, dining area and… more
Snoopy House at Costa Mesa City Hall Grand Opening
share
Snoopy House at Costa Mesa City Hall Grand Opening For the second year, the City of Costa Mesa City Hall hosts Snoopy House. This year, Peanuts' creator Charles Shulz's daughter, Jill Schulz, will be the grand marshal for… more
Costa Mesa Snow - Speechless Sundays
share
Costa Mesa Snow - Speechless Sundays Some of you may be used to snow for Christmas or at least in December. However, here, in Costa Mesa, CA, we don't see a lot of snow at any time of year. Perhaps you noticed the… more