Good News on Short Sales

By |2013-01-03T21:48:05+00:00January 3rd, 2013|Bainbridge Island, Real Estate, Recommended realtor bainbridge island|

The fiscal cliff package that was approved this week includes a provision that will help maintain a viable short sale market in the year 2013.   The Mortgage Forgiveness  Debt Relief Act was set to expire on December 31, 2012. This act provided an exemption to the normal rule that forgiven debt is taxable income.