Thanks for reading, I am Connor Macivor with Remax's Paris 911 team in Santa Clarita California. They were going to talk about debt forgiveness in the bill that is in front of Congress for their lame-duck session starting November 13, 2012.
Most of our sellers, regarding short sales, really wish that this bill would continue at least for the next few years.
As far as how much longer it's going to continue, that is anybody's guess. But we do know one thing for sure, without the debt forgiveness act a lot of homeowner's are going to be in a very bad spot when it comes to 2013 taxes and getting those completed.
The debt forgiveness act was sort of a godsend under the Bush administration back in 2007. They made it so that homeowners, that were in a distressed state, that wanted to have a short sale completed, would not have to pay taxes on the difference between the amount the home sold for and the amount they owed on their mortgage.
One of the things that's important when looking at anything related to a short sale is making sure that you hire the most qualified short sale real estate agent possible. So do yourself a favor, look around the Internet look around the World Wide Web and look around the different search engines when you're searching for short sale real estate agents. Make sure that those you are hiring pack the gear to serve in the short sale negotiation world.