Press Release on the Fiscal Cliff and the Impact ... - Real Estate 411

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FOR IMMEDIATE RELEASE

CONTACT: Real Estate 411

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DETROIT, MI ? (January 2, 2012) ?

Annette Compo, popular host of WJR?s Real Estate 411 is reporting that part of the fiscal cliff deal,

Congress has extended the cancellation of mortgage debt relief provision for 1 year, through the end of 2013.

President Obama is expected to sign the legislation into law shortly.

Mortgage Forgiveness Act 2007 which was set to expire at the end of 2012 ? is crucial to foreclosure mitigation efforts such as principal forgiveness and short sales. Normally, U.S. law decrees that when a lender forgives all or a portion of a borrower?s debt, the forgiven amount is considered taxable income for the borrower. This is known as Cancellation of Debt (COD) Income and must be included in a taxpayer?s gross income. This Act, however, created an exception to this rule under the U.S. Tax Code. The Mortgage Forgiveness Debt Relief Act allows homeowners who received principal reductions or other forms of debt forgiveness to not pay taxes on the amount forgiven. The amount extends up to $2 million of debt forgiven on the homeowner?s principal residence. For homeowner?s to qualify, their debt must have been used to ?buy, build, or substantially improve? their principal residence and be secured by that residence. The law, which was passed in 2007 with a 5 year sunset provision, will now be in effect until January 1, 2014.

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Annette Compo has been activity pursuing this law to be extended because of the impact that this has had positively on many families that have been challenged due to loss or decreases in income. ? Short Sales are a large part of the real estate landscape when it comes to the overall recovery of the market?. Annette Compo has also been quoted to say that based on her experience of being in the industry for over 25 years, homes that sell as a short sale have a higher sales price than bank foreclosed homes that sell and this is a direct correlation to an overall increase in average home sales price.

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Annette Compo has been a key note speaker as well as an advocate for the housing industry and has worked with legislation by sharing her views on her Real Estate Economics 2013 - The Turnaround Plan. ?This information reveals the 5 Pillars on Laying the Infrastructure for Accelerating Stability within our Neighborhoods and Businesses.

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Annette Compo is host of Real Estate 411, heard weekly by thousands of listeners on 760AM WJR. Realestate411now.com was established in 2009 to help consumers understand all options when making decisions with their largest investment, their real estate. It is also a vehicle to promote the real estate industry.

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Source: http://realestate411now.com/press-release-on-the-fiscal-cliff-and-the-impact-on-the-real-estate-industry/

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