According to multiple news outlets the Mortgage Debt Relief Act of 2007 has been extended through December 2013. This is great news for struggling homeowners and a major disaster was averted.
This will serve as a lifeline to millions of American’s and could have caused chaos for the real estate market, since it expired on 12/31/12. The Fiscal Cliff agreement saved the day by approving this extension at the last-minute.
The announcement of an extension is huge, because it means most homeowners considering a short sale or forced into foreclosure, will see another year of tax relief. It will literally save them thousands of dollars in taxes (if they qualify).
Need assistance with buying or selling a short sale in Chicago? Contact our experienced team of licensed real estate agents at BRV GROUP. We service the city and suburbs and work hard to streamline the process.