The Mortgage Debt Relief Act passed in 2007 expires on Dec. 31st, 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.
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