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2012-06-07 18:43:22
Will short sale help be coming to an end?

Earlier in the Great Recession, the federal government passed legislation that helped short sellers.  Before this legislation, if someone had to short sell their home they were taxed (at their normal income tax rate) on the debt forgiven by their lender.  This was a huge financial burden for people who were already in dire financial straits.  With the legislation, home sellers were no longer taxed on the debt forgiveness.  The State of California followed suit.  

The federal legislation is set to end later this year and would-be short sellers are being encouraged to get going on their short sale.  In an article in the San Diego Daily Transcript, industry experts discussed the ramifications of the legislation ending.  This includes forced bankruptcy for short sellers as well as a potential increase in foreclosures. 

Realtor Associations throughout the country are pushing for the legislation’s renewal and it does seem likely that it will be renewed for at least a year, if not more.  Generally, the state government follows the federal government.  So, if you are considering a short sale, be aware of the potential end of the legislation but also know that it likely will continue.

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