Well hello there, Matt Fetick here with Sold By Short Sale, Philadelphia’s leading short sale specialist, thank you so much for joining me today. My team and I specialize in short sales with in the Philadelphia area and I update my blog every few days to keep homeowners informed on their options for avoiding foreclosure. If my blog is helpful today please take a minute to browse my website for even more information or contact me directly to arrange a free consultation over the phone.

For my blog today I wanted to share some information about the Mortgage Forgiveness Debt Relief Act and what it could mean for you. This act of Congress was passed in 2007 and allows a homeowner to no longer pay taxes on the debt that is forgiven when completing a short sale or entering in to foreclosure. The Debt Relief Act does require a homeowner to meet a handful of criteria in order to qualify but I can tell you it has already saved homeowners in Philadelphia a lot of money when it comes time to pay their taxes. Before Congress passed this act the difference in what you owe and what your home sells for was considered unearned income and required a 1099 be sent out to the homeowner. If you are a homeowner considering a short sale or are having trouble making your mortgage payment each month you should know that time is not on your side. The Debt Relief Act is set to expire at the end of 2012 and as of now there has been no mention of extending it. So if you are considering a short sale please contact me today to ensure we can complete your short sale file by the end of next year. If you have any questions on the tax implications of a short sale or would like more information please stop by my website or give me a call today. Thank you for your time today and I look forward to hearing from you in the future at Philadelphia’s leading short sale specialist.