7. June 2012 07:50
Distressed homeowners in Las Vegas will soon no longer be able to take advantage of the Mortgage Debt Relief Act. The law, enacted in 2007, helps distressed homeowners by relieving them of additional tax responsibility that often accompanies cancelled or forgiven debt.
“For many homeowners, even if the bank agreed to cancel or lessen their debt, they were unable to afford the extra taxes that they owed” says Melissa Chupa, Broker/Owner of Sovereign Realty. “In many cases, the additional taxes would equal tens of thousands of dollars. It was like trading one unmanageable debt for another,” Chupa added.
The Mortgage Debt Relief Act has provided opportunity for millions of distressed homeowners in the marketplace to take advantage of short sales or loan modifications without worrying how these actions will affect their future finances. The law is set to expire and time is running short for homeowners with unaffordable mortgage to take advantage of its benefits.
As a short sale trainer and expert, Melissa Chupa is knowledgeable of the entire landscape of foreclosure avoidance options and is distinctly qualified to negotiate with banks and help financially strapped homeowners regain peace of mind and a sense of stability for the future.
Melissa has developed a free report entitled “Time is Running Out: How the Mortgage Debt Relief Act can save you” that is accessible from her website, www.getcash2shortsale.com
~Committed to Helping You Make the Right Move~
Melissa Chupa, Broker/Owner
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