The Mortgage Debt Relief Act passed in 2007 expires on Dec. 31^st, 2012. One of the principal tax benefits that will expire with it will be the ability for a home owner to short sell a property or restructure mortgage debt without the fear of the value of the forgiven debt being taxed as income. If you foresee a need for this program, please go to this link to read more about the act and be aware of the potential end of this tax benefit.

 http://www.irs.gov/Individuals/The-Mortgage-Forgiveness-Debt-Relief-Act-and-Debt-Cancellation-

Call Williams Realty to discuss your situation, we can help you assess your options and plan for your future. You can find us on the web at www.WilliamsRealty.us