FOR HOMEOWNERS WHO SHORT SALED OR MODIFIED THEIR LOANS IN 2014, THE GOVERNMENT EXTENDED THE PROTECTION UNDER THE MORTGAGE DEBT RELIEF ACT OF 2007. WHILE CONGRESS HAD HOMEOWNERS ON PINS AND NEEDLES TO THE END OF 2014, NOT KNOWING WHETHER THE DEADLINE OF DECEMBER 31, 2013 WOULD BE EXTENDED THROUGH 2014, IT WAS FINALLY ANNOUNCED THAT THE DEADLINE WAS EXTENDED TO DECEMBER 31, 2014. ANY SHORT SALE THAT CLOSED DURING THIS TIME, AS LONG AS IT WAS THE PRIMARY RESIDENCE OF THE BORROWER, IS ELIGIBLE FOR RELIEF. THE HOMEOWNER NEED NOT PAY ANY PENALTY TO THE INTERNAL REVENUE SERVICE UNDER A 1099-c CANCELLATION OF DEBT.
FOR HOMEOWNERS WHO MODIFIED THEIR LOANS AND OBTAINED PRINCIPAL FORGIVENESS, THE SAME PROTECTION APPLIES RETROACTIVE.
IT IS UNCLEAR WHETHER THE DEADLINE WILL BE EXTENDED INTO 2015, BUT IS EXPECTED.
SHORT SALES AND LOAN MODIFICATIONS CONTINUE TO BE ON THE RISE. AND NOW WITH THIS NEWS AND EXPECTED EXTENSION, IT IS A GREAT TIME TO SEE IF YOU QUALIFY.
CALL US TODAY FOR A FREE CONSULTATION TO SEE IF A LOAN MODIFICATION OR SHORT SALE IS POSSIBLE.
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Jacqueline A. Salcines