The other news comes in the way of the debt forgiveness act, first implemented in 2008 under then President Bush. We had been hoping, as are our Short Sale sellers, that there would be an extension to the debt forgiveness act. It is paramount in helping distressed homeowners that are short selling their homes with "tax relief". While they would typically have to pay taxes on the difference between the amount they owed and the amount the home short sold for, the Deft Relief act help make that a non 10-99 issue.
Lame Duck - it's not just a clever name :)
This past week, around thanksgiving, Congress was in it's Lame Duck session. They were supposed to get to the renewing of that bill, but apparently it was small potatoes when compared with the rest of the Fiscal Cliff facing ourselves, our Government and our President.
If the Debt Forgiveness act were to be approved next year - it would most likely be retroactive. So we have to continue to press forward with short sales, even though it is unknown whether it will be re-affirmed and extended.
Why not forget the whole thing?
The reason is that short sales take time, if you did not move forward with the short sale because you thought the Deft Forgiveness was not going to be made retroactive, and it was re-approved, you'd lose out.
It might end up being too late for you to have anyone short sale your home. Your bank may close it's doors to you wanting to short sale your Santa Clarita home. It's happened in the past - this is nothing new.
Speak with a local Short Sale Expert in the Santa Clarita Valley cities. How do you find one? Get on line and start typing in keywords into Google such as the following:
- Short Sale experts in Santa Clarita
- Santa Clarita short sale consultants
- Santa Clarita short sale agents
That should help you build your list. Look at the results and do some light reading. Then reach out to those agents by telephone and set up appointments in their offices. Go in with written down questions. The internet will give you some doosies to ask during the time while you are interviewing at least 3 "self proclaimed" short sale expert agents. Later, you can decide who to choose.