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Mortgage Forgiveness Debt Relief Act Extended

Mortgage Forgiveness Debt Relief Act Extended.

Lawmakers managed to extend the Mortgage Forgiveness Debt Relief Act as part of their eleventh hour deal to avoid the fiscal cliff.

The extension means homeowners now will be excused from paying taxes on forgiven mortgage debt through 2013. The law, established in 2007, was set to expire Dec. 31, 2012.

Without an extension, homeowners who completed short sales or mortgage modifications may have faced tax bills in the tens of thousands of dollars. Some industry officials feared that would hurt the housing recovery.

This extension will help struggling homeowners take full advantage of the assistance offered them by the national mortgage settlement and other foreclosure relief programs. Call 678-807-0050 now for help.

Editor's Note: Steve Pate, is a Certified Distressed Property Expert with Southern Bank Homes in Cumming. He has years of practice in this area and has a team specifically dedicated to helping stressed homeowners. Steve is manager of their Short Sale Department and an expert in his field.

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