The Senate Finance Committee has approved a two-year extension of the Mortgage Forgiveness Debt Relief Act today. John Grant, who is the National REIA's lobbyist in Washington, D.C. and is someone who I have personally worked with on Short Sale policy, offered the following comments on his Linkedin profile:
“Senate Finance Committee has approved two-year extension of the Mortgage Forgiveness Debt Relief Act worth approximately $5.1 billion. Great win for residential real estate investors and distressed homeowners”.
As I mentioned, I personally know John as we have worked together at the Distressed Property Coalition (DPC), which was formed back in 2010 to create housing policy specific to Short Sales. I was one of the founding members of the DPC and participated in creating some of the Short Sale policy that is now in place.
The expectation is that the Mortgage Debt Relief Act will ultimately be passed by Congress, and signed into law.
This should stop the confusion for homeowners and generate more Short Sales in the marketplace.
As a basic rule of thumb, Short Sales are almost always better for the Homeowner than a Foreclosure. Please contact our office to learn how we can immediately assist you with your housing issue.