Our bay area short sale specialist Blaison Samuel of Blaiz Properties is excited to announce the good news for bay area home owners who are considering of short sale. This is a good news for homeowners whose house is pending as a short sale and closing in 2014 or thinking of doing short sale by next year.

A new letter from IRS department has mentioned that IRS will not pursue for tax deficiencies after short sale in California. This IRS letter dated September 19th, 2013 was sent to Senator Barbara Boxer.

Based on this letter, if a home owner is doing short sale even after the expiry of Mortgage Relief Act of 2007, they will not be taxed for the differences on the remaining balance after they sell their house via short sale.

The Mortgage Relief Act of 2007 is set to expire in December 31, 2013, this is the act where home owner is exempted for tax in short sale situation. This act was expired in December 2012 but got one more year extension until end of December 2013. So it’s a good relief to homeowners who is thinking of doing short sale even now.

Short sale is the one where you negotiate to sell the home for less than what you owe to the bank. Before 2007, it was considered as income and taxable even though you hadn’t received anything from the sale of that house.

It’s a good thanksgiving gift to all homeowners who are facing difficulties and cannot afford to pay the mortgage. If you are in Tri-city (Fremont, Newark, Union City) or in bay area and need any assistance in short sale or have any questions on short sale or loan modification then give Blaison a call at (510) 366-9405 and he would be happy to assist you.

Blaison Samuel of Blaiz Properties is experienced bay area short sale specialist and negotiated short sales with many lenders. You can also visit his website at www.BayAreaShortSaleSpecialist.com


Contact
Blaison Samuel
510-366-9405