Extension of Mortgage Debt Relief Act
Homeowners breathed a collective sigh of relief after Congress extended the mortgage debt relief act as part of the fiscal cliff resolution.
This move will likely increase the overall number of real estate short sales occuring this year as homeowners take advantage of both the tax savings the extension affords as well as the financial incentives banks are now giving to homeowners and tenants in an attempt to resolve the glut of mortgage delinquencies. Now is definitely the time for both financially strapped homeowners as well as investors who’ve been waiting on the sidelines to take advantage of this welcomed development.
Further details available from Forbes.com.