WILTON MANORS REAL ESTATE | FT LAUDERDALE HOUSING
Maintain Housing Benefit
Congress Members recently left Washington, D.C. and will not return until the Elections are over. Congress Members departed Washington without resolving some crucial issues and will save them until their meeting after the election. One of these issues is steering away from the financial decline that may occur if lawmakers terminate tax-cuts put into place by the Bush administration at the same time that blanket budget cuts are set to take effects.
Another crucial issue that Congress has not decided on is lengthening the federal Mortgage Debt Relief Act. The financial cliff that everyone is talking about, the Debt Relief Act is a component. As a Realtor in South Florida, this Act is absolutely necessary towards the continuation of the Florida housing recovery. The financial institutions have now declared short sales the preferred method of digging a homeowner who is underwater in their mortgage and has an accepted financial hardship.
The Mortgage Debt Relief Act was passed by Congress in 2007 in efforts facilitate owners to distressed properties to sell them. This act eliminates the capital gains tax penalty that is typically attached to any excused debt. In other words, the balance between what the borrower owed on a property and the sale price on a principal property sold in a short sale.
The Mortgage Debt Relief Act is set to expire on December 31, 2012 and many financial experts agree that allowing this to happen would be a huge mistake. Short sales continue to be the most common way of selling properties that have fallen behind on mortgage payments. Short sales help to replenish the market when borrowers have accumulated more debt than what their homes are worth.
The reoccurrence of this tax penalty may have a drastic negative effect on the economic recovery in the United States. The return of this tax penalty is projected to crumble distressed housing markets especially areas in which sales have declined due to the large amount of distressed properties on the market.
If Congress wants to continue to facilitate these struggling homeowners, prolonging the Mortgage Debt Relief Act before the year’s end is a great way to do so.
You can do something. Write your congressman, write your Senator. Here is a link to your Senators email address. Tell them you want them to “VOTE YES” to extending the Mortgage Debt Relief Act.
Write your Representative in the United States House of Representatives. Tell them to “VOTE YES” on this very important legislation. http://www.house.gov/representatives/
To learn more about the Short Sale and the process to getting a Short Sale done, go to the Henri Frank Group at REMAX website. Click this link http://henrifrank.com/short-sales.php
The Henri Frank Group at REMAX Preferred has been successfully completing short sales for hundreds of homeowners since 2007. Frank Vigliotti, Realtor, PA is CDPE, Certified Distressed Property Expert. This certification allows the Realtor to coordinate the short sale with the lender, with the legal group, the buyers of the short sale and the seller of the short sale. All of the South Florida Realtor Group knows the process, knows the programs available to qualified homeowners. The Group has joined forces with the Law Office of Nugent and Ground in Fort Lauderdale Florida. Attorney, Patricia Nugent and Attorney, Tad Ground negotiates with your lender to get the short sale done. For a FREE consultation with our Short Sale team and the Law Office of Nugent and Ground contact us now. Email us at firstname.lastname@example.org, call or text us at 954-604-9999.
Follow the Henri Frank Group News Blog for more information on the South FLorida Real Estate Market, the United States National Housing Market and the local real estate market in Fort Lauderdale, real estate in Wilton Manors, Oakland Park housing and Hillsboro Beach market.
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