SENATE APPROVES THE MORTGAGE DEBT FORGIVENESS ACT

mortgage tax debt forgivness new jersey

SENATE APPROVES THE MORTGAGE DEBT FORGIVENESS ACT

Great new… Senate approves the short sale tax break!  This past Tuesday December 16th, the Senate passed an extension of the Mortgage Debt Forgiveness Act!  This extension will apply to all short sales conducted in 2014.  In addition, the House of Representatives also passed it by a wide margin as well.  According to a recent estimate by RealtyTrac, there have been approximately 170,000 short sales in the first three quarters of 2014 having a total mortgage debt forgiveness of approximately $8.1 billion.

NAR (The National Association of Realtors) strongly supported the bipartisan Mortgage Debt Forgiveness Act; this forgiveness includes helping prevent owners from paying taxes on any mortgage amount forgiven by their lender in a workout or after their home was sold for less money than what was owed in 2014.

Currently the Mortgage Debt Forgiveness Act now goes to President Obama who is expected to sign the bill into law.  This bill will only apply to short sales in 2014 and will have to be taken up by all the newly elected members to Congress which begins in 2015.

Short Sale Real Estate Solutions – Holly Pring SFR, Broker/ Owner
I specialize in helping buyers and sellers through the process of homeownership in Central New Jersey including Bernardsville, Basking Ridge, Bridgewater, Bedminster, Peapack Gladstone, Far Hills, Madison, Summit, Chatham, Short Hills, Tewksbury Township, Mendham, Chester, Long Valley, Stilling, Gillette, Warren &  and the surrounding Counties (908)-303-0478

 

 

 

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