The Mortgage Forgiveness Debt Relief Act Did Not Go Over The Cliff, Here to Stay Through 2013

Posted by Toth Team Worldwide on

Fiscal Cliff1Was there any good news for Distressed Homeowners as we waited for politicians to avoid taking us over the Fiscal Cliff?  Yes!  The Mortgage Forgiveness Debt Relief Act  was extended through December 2013.  All of our Clients can breathe a sigh of relief.  What does this mean to homeowners who are under water on their Principal Residence and thinking about listing their homes; and for those already under contract? Well, it means continue as planned and move forward.

The Mortgage Forgiveness Debt Relief Act of 2007 was enacted on December 20, 2007.  The Act was designed to help distressed homeowners find relief from cancelled debt.  According to the www.IRS.gov website:

“If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable.

 The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.”

Get answers to some of the most frequently asked questions regarding the Mortgage Forgiveness Debt Relief Act and Debt Consolidation such as:

What is Cancellation of Debt?  |   Is Cancellation of Debt income always taxable?  |  What is the Mortgage Forgiveness Debt Relief Act of 2007?  |  What does exclusion of income mean?  |  Does the Mortgage Forgiveness Debt Relief Act apply to all forgiven or cancelled debts?  |  Does the Mortgage Forgiveness Debt Relief Act apply to debt incurred to refinance a home?  |  If the forgiven debt is excluded from income, do I have to report it on my tax return? 

There are many more questions and answers regarding the Debt Relief Act that apply to individuals each with their own circumstances so when it comes to the Debt Relief Act and Debt Cancellation individuals should consult a tax consultant and an attorney.

Call the Kathy Toth Team your Ann Arbor Distressed Property Experts!

Search for homes in the Ann Arbor Area.

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Washtenaw County Sheriff’s Deeds Still Lower for Ann Arbor and all Washtenaw County

Posted by Toth Team Worldwide on

Washtenaw County Sheriff’s Deeds November 2012 Report.

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According to Lawrence Kestenbaum, Washtenaw County’s Clerk and Register of Deeds office, “Only 784 Sheriff’s Deeds were recorded in 2012 through November, compared to 1,045 in 2011 and 1,337 in 2010.  This year’s year-to-date total continues as the lowest since 2006.”  If you are looking for foreclosures in Ann Arbor, there are still some bargains to be found.

The 2012 year-to-date Sheriff’s Deeds recorded were 24.9% less than last year.  We are running close in totals to the year’s 2006 & 2007 showing good signs of stability in the real estate market.  🙂

Do not wait to list your home?  This is the perfect real estate market to show off your property.  The number of homes listed is low and there are fewer and fewer distressed properties for home buyers to choose from.  We are not looking back.  All the market signs are leaning toward a great selling market.  Buyers want to take advantage of the all-time low interest rates.  Many homes are receiving multiple offers.  The weather is mild for this time of year and Buyers are looking, qualified, and eager to make their new home purchase.

Search for Foreclosed Properties / Bank Owned properties.

Below is the updated table showing the monthly recordings for January 2002 through November 2012 for you to review.

Want to keep track of homes that are coming on the market.  Search for homes at HomeSearchAnnArbor.com

When looking for expert real estate advice contact Kathy Toth and Team (734) 426.6669.

“Like” Us on Facebook  |  ”Follow” Us on Twitter   |  Find Me on LinkedIn   |  Pin our Pics on Pintrest  |

View My Google+ Profile   | Read Our Blog at AnnArborTalks.com  |  Watch Our Videos