The Mortgage Debt Relief Act introduced in 2007 expires at the end of
2012. Since the Act offered relief to homeowners who owed taxes on the
mortgage debt after a foreclosure or short sales, the number of short
sales has tremendously risen over the past five years.
Whatisashortsale.org, an online information resources founded by real
estate experts, has recently released a complete guide to help
homeowners understand the meaning and benefits of short sales before the
law expires on 31st December.
According to the spokesperson for whatisashortsale.org, many people
who are short selling their home may not be aware of the limited time
left for them to take action. However, the website urges homeowners to
take a more informed rather than a hasty decision. Sharing a few words
regarding the Mortgage Debt Relief Act and its effects on short sales,
the spokesperson said, “Back in 2007, the number of underwater borrowers
was alarming. Since this tax-relief act was introduced, a great number
of homeowners have opted for short sales. Yet, as it nears its
expiration date, there are still a lot of people who are unaware of
their options.”
The short sale guide is a comprehensive information guide targeted
towards homeowners, realtors and buyers alike. In order to help people
learn more about HAFA Program (Government Short Sale) and short sale
options available to them, the guide starts with a comprehensive section
on how to do a short sale. This section not only explains the short
sale process but also highlights the difference between foreclosure and
short sale.
While there are a number of guides that share general short sale
information, the guide offered by whatisashortsale.org also presents up
to date and accurate information regarding short sale option in
different states. “Due to the difference in statutory laws and market
condition all over the US, it is very important to offer information
specific to the homeowner’s state and region,” adds the spokesperson.
Despite the speculations of a possible extension for the tax code,
experts from the real estate industry are urging borrowers to act
without wasting much time. The guide also shares important tips on how
to apply for a government sponsored HAFA sales while keeping the sales
process less time consuming and complicated.
This short sales guide by Whatisashortsale.org is available free of cost. Users are able to download the complete guide after filling a short and simple information form @ www.Whatisashortsale.org
About Whatisashortsale.org
Whatisashortsale.org is a website offering complete and comprehensive
information regarding short sales and related options. The purpose of
the website is to help borrowers learn and understand options that are
available to them under the Mortgage Debt Relief Act. The website is
equally helpful and useful for realtors and home buyers. For contact,
please use the following details.
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