The Home Affordable Foreclosure Alternatives program sunsets in 2012. Please share this message with anyone you know that is thinking of selling their home or may be facing foreclosure. A HAFA short sale is better than a foreclosure. Call us today at 916-756-4300. Equal Housing Opportunity CA DRE License 01331156.

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A brief overview about the difference of having a Short Sale or Foreclosure to deal with. It is important to know the difference when dealing with banks. What is your future after a Short Sale or Foreclosure. Long Beach Homes For Sale and Ricardo The Realtor

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Beautiful 3bdr/3bth home on huge lot. This home qualifies for 100% financing. Free 24 hour Recorded Message 888 229-3797, To search homes for sale in the Jefferson and Shelby County areas visit www.michaelandsynthiafells.com

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Hi I’m Donna Bishop Helping Homeowners with Short Sales thru out Lee County
One of the questions I get asked often is: Am I going to have to pay Income Tax on the difference between what I owe on the mortgage and what the Selling Price is for the short sale?
Well I use to say “probably but check with your tax advisor”.
The fact is prior to 2007 Homeowners who had a short sale or even a foreclosure were subject to PAY INCOME TAX on Any Amount of Forgiven Debt.

Then in 2007 the US Government signed into law the “Mortgage Relief Act”
Which provided Homeowners who were primary residence Relief up to $2million for married couples and $1million for individuals. This relieved them from any shortage being treated as income by the IRS.
*Lenders must formally forgive the debt or loan.

This should be a Huge factor if you are behind on your mortgage payment or foresee that you will soon be unable to continue making your payments….
Take Heart. I am here to Help You but here is the Key; You must act soon.

You have until December 13, 2012 to complete the short sale, because the government is removing this relief act and starting January 1, 2013 ..
Any debt forgiven , even on primary residence will be treated as INCOME by the IRS and subject to taxes.

So give me a call and let’s talk. Remember I am here to help you and your information is confidential. Check out my short sale blog. It is written to explain some of the questions and situations that come up in short sales.

I’m Donna Bishop, Sand Castle Realty Group Inc. 239-560-3149
Email; dbishop@embarqmail.com
Web site: http://www.SWFloridaBroker.com
My Short Sale Blog: http://www.CapeCoralShortSales.info
Thanks for viewing and I hope to hear from you soon.
Bye now

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Active Florida Realtor and CDPE Instructor, Dolores Roth, sat down with the entire HAFA Supplemental Directive and gives us her predictions and concerns.

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