Chances are the you or someone you know is underwater in their home. Most people who are underwater are waiting to sell in the hopes of recouping as much of their lost investment as possible. Why? With the Mortgage debt relief act of 2007 when your short sell your home your not responsible for the remainder of your loan AND you won’t be taxed on it as income.
Many people are embarrassed to short sell or simply don’t know that they are eligible for this type of forgiveness. All of this takes on a new sense of urgency when you realize that the Mortgage Debt Relief act is set to expire December 31st 2012.
A short sale can be scary but the right brokerage with the knowledge to help you navigate the process might just the support you need to get through it relatively unscathed. That’s why Cambridge Properties is the expert in luxury short sales in Paradise Valley, Scottsdale and Phoenix.