Distressed homeowners in Monmouth County will soon no longer be able to take advantage of the Mortgage Forgiveness Debt Relief Act. The law, enacted in 2007, helps distressed homeowners by relieving them of additional tax responsibility that often accompanies cancelled or forgiven debt.
“The act expires at the end of 2013,” says Marilyn D’Angelo, CDPE and broker/ associate at Keller Williams Realty West Monmouth. “Some of the solutions available to homeowners can take months to complete. For homeowners to take advantage of the act before the end of the year, they have to start today,” D’Angelo added. The Mortgage Forgiveness Debt Relief Act has provided opportunity for millions of distressed homeowners in the marketplace to take advantage of short sales or loan modifications without worrying how these actions will affect their future finances. The law is set to expire, and time is running short for homeowners with unaffordable mortgages to take advantage of its benefits.
As a Certified Distressed Property Expert (CDPE), D’Angelo is knowledgeable of the entire landscape of foreclosure avoidance options and is distinctly qualified to negotiate with banks and help financially strapped homeowners regain peace of mind and a sense of stability for the future.
D’Angelo has developed a free report titled, “Don’t Let Your Short Sale Leave You Taxed,” which is accessible from her website, www.marilynsaveshomes.com.
Keller Williams Realty West Monmouth is located in Morganville. To reach D’Angelo, call 732-536-9010, ext. 267.
For more information about the CDPE designation, visit www.CDPE.com.