Good News For Lakeland FL Short Sales this 2013
Short sellers and distressed owners of Lakeland Fl homes and throughout this country now can breathe a sigh of relief with the extended The Mortgage Forgiveness Debt Relief Act and Debt Cancellation. As part of the Fiscal Cliff Bill, the congress has made this act available to homeowners until January 1, 2014 from its original expiry in December 31, 2012.
Just recently, being a Lakeland Florida Short sale agent, I experienced my sellers excitement because of extension of the Mortgage Debt Relief Act being extended. Without this act, homeowners who have gone through short sales in Lakeland Fl and everywhere else would have to pay a “Phantom Income Tax” to the IRS. Although not every homeowner will not be qualified, this act covers a huge number of Lakeland Fl homeowners who must sell their homes as short sales.
In Polk County, foreclosure filings were up by 26% in January from the year before according to RealtyTrac. Local foreclosure filings nearly doubled in 2012 as Polk County ranks 5th in the nation for foreclosure property sales in 2013. One in every 300 Florida homes received foreclosure filings in January 2013.
The extension of the act will motivate Lakeland Fl homeowners to seek for alternatives to foreclosure such as a Lakeland Fl short sale, meaning we could expect more short sales to flood the market this 2013.
If you are considering a short sale in Lakeland Fl and have any questions about this act, just click on the IRS link above or consult your local tax professional. Equally important to seek legal and tax advice, is to hire an experienced local Lakeland Fl short sale specialist.