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Short Sale Resources


The Mortgage Debt Relief Act

The Mortgage Debt Relief Act was enacted in 2007, and granted tax relief to those with discharged mortgage debt.  This act generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, and/or a Short Sale, may qualify them for relief.

At this point, the provision applies to debt forgiven in the calendar years of 2007 through 2012.

Up to $2 million dollars of debt may be forgiven, as long as a borrower is eligible according to this exclusion, or $1 million dollars if married filing separately. The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.

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Conformity Act of 2010

California enacted the Conformity Act of 2010 which allows taxpayers who had all or part of the loan balance on their principal residence forgiven by their lender to exclude the forgiven debt from California gross in comes. This law, at this point, applies to discharges of qualified principal residence indebtedness from 2009 through 2012.

California law conforms, with modifications, to the Federal Mortgage Debt Relief Act. The amount of qualifying indebtedness is less than the federal amount and differs by taxable years.

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Senate Bill 931

The introduction of Senate Bill 931 was a huge break for California potential short sale sellers.  SB 931 exempts all first mortgages, hard money or purchase money, from a deficiency judgment after a short sale. It prohibits deficiency judgments on a property secured by a first trust deed for a dwelling of one to four units, either non-owner or owner-occupied.

A deficiency refers to the difference between the principal balance due and the amount received, providing the amount received is less than the amount owed. SB 931 means no judgment can be filed against this deficiency for qualified short sellers – that means no collections notices, no lawsuits, etc.

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Making Home Affordable

The Obama Administration has introduced a comprehensive Financial Stability Plan to address the key problems at the heart of the current crisis and get our economy back on track. Valuable information for the Consumer is being introduced by, Making Home Affordable; which offers a plan to stabilize our housing market and help up to 9 million Americans reduce their monthly mortgage payments to more affordable levels.

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