Know the Details of the Mortgage Forgiveness Debt Relief Act

RISMEDIA, Oct. 30, 2008-No matter the circumstances, there’s a lot of stress a homeowner goes through in a foreclosure or a short sale. The loss of the home itself and any equity can add a lot of anguish to a situation that may be beyond the control of the homeowner from job loss or illness to changing market conditions.

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Ivie's Comments:

This is good news for people who have or need to sell their homes on a "Short Sale". Many people were caught in a catch 22 when it came to short sales, because of the fact that they would have to pay taxes on the difference of what the house sold for on a short sale and what was actually owed. Many people would just let the house go back to the bank instead of attempting to sell it, because of that fact. Now, owner who sell their homes on s short sale, will no longer be taxed on the difference.

I mean... really... How can someone who already doesn't have enough money to pay their mortgage, afford to pay taxes on the difference of what the house sold for, verses what was owed. Kind'a like trying to sqeeze blood out of a turnup! You think?

However, people might not be aware that there are some catches. Though, the "catches" are no way as bad as loosing the house... there are still some catches. Read the artilce to find out more.