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Are we facing a “Short Sale Cliff?”

Posted by on Mar 27, 2014 in general | Comments Off on Are we facing a “Short Sale Cliff?”

Preliminary Data Suggests Impact from Expiration of the Mortgage Forgiveness Debt Relief Act.

For those of you looking to short sale your home, as of January 1st, the government did not extend the mortgage forgiveness debt relief act that has been in place, excusing Oregon home owners from having to pay taxes on the amount forgiven by the bank. In other words, if the bank is willing to forgive a seller $200,000 on the property they are short selling, they will be paying taxes on the $200,000 as if it were INCOME. Ouch!

Here is a good article about it.

Please feel free to call me or email me if you have any questions about Real Estate in the Portland area. I would love to help you!

http://karolynwold.com/contact-me/

Email info:
karolyn@karolynwold.com

Call Me at : 503.860.3664

Thanks! – Karolyn