Friday, December 27, 2013

New Year May Not Offer Forgiveness

As we head back into the office from the holidays and begin to prepare for a new year, Monkey Sold would like to remind underwater homeowners of a very important expiration date.

The Mortgage Forgiveness Debt Relief Act was introduced by congress in 2007 as a tool to protect distressed homeowners. A deficiency from a home sold as a short sale is considered taxable income by the IRS. For example, if a homeowner owes $200,000 and their home sells for $150,000, the $50,000 written off by the bank is like an invisible check made payable to the homeowner. Before this act was introduced, a homeowner would be expected to pay taxes on that amount. 

The Mortgage Forgiveness Debt Relief Act first expired at midnight, December 31, 2012 and has since been extended by congress through the same date in 2013. Now set to expire on New Years Eve, the question on everyone's mind is, "Will congress extend the act yet again?"

June of this year, a Michigan senator introduced a bill, along with co-sponsor, California Senator Barbara Boxer, to extend the act through 2015. The decision congress makes is very important to the future of short sales and piece of mind for distressed homeowners. 

You can read the entire bill here.

You can also check the bill's status through congress here.

If you would like more information do not hesitate to contact MonkeySold. 

Please send all inquiries to or call 407-706-3139

Monday, December 16, 2013

Home For The Holidays

Fannie Mae homeowners will not be telling the story of "How the Grinch Stole" their homes this holiday season. Thanks to their efforts the GSE plans to postpone evictions of foreclosed homes from December 18 to January 3rd. We've been informed that legal proceedings will continue to be carried out, however, homeowners will be allowed to remain in their homes for the holidays. COO of Fannie Mae has expressed his deepest concerns and wishes distressed homeowners all the best during this time of family celebration, proving his heart is NOT two sizes too small.

Monday, December 2, 2013

Don't Let Time Run Out!

The Mortgage Forgiveness Debt Relief Act was passed by Congress in 2007 in an attempt to provide some relief for the millions of homeowners who found themselves owing more on their mortgage than the property was worth as a result of the collapse of the housing and finance industries. This report was created to give homeowners the most accurate information about the Mortgage Forgiveness Debt Relief Act, which has helped many distressed homeowners find options that were previously unavailable. 

The act, which was always intended to be a temporary solution, is now set to expire at the end of 2013.  Time is running out. But there is still time to change your financial direction and avoid foreclosure. Reading this report will teach you what the Mortgage Forgiveness Debt Relief Act is and how it can help save you money.

Time is running out. But there is still a chance to change your financial direction and avoid foreclosure.