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Tag: Mortgage Debt Relief Act

Information on the Mortgage Forgiveness Debt Relief Act

January 29, 2013

Hey guys, Kelly Cook here with the Cook & Associates Real Estate Advisors, your :k1: short sale specialists. You can find us online at www.KellyCookHomes.com. Now we specialize in helping homeowners across the entire :k1: area find alternatives to foreclosure through the means of a short sale. Now we have a huge announcement here today and that is the Mortgage Forgiveness Debt Relief Act has been extended through January 1, 2014. That is a huge impact for a lot of you out there who may need to short sale or want to short sale because of some sort of hardship. Maybe you had a loss of income or maybe you lost your job or maybe you have to relocate. Whatever the case may be, a short sale is a very good option for many of you out there and now it just became much easier because this tax act was postponed for one more year. This essentially eliminates your tax liability, so it can get much more complicated than that. So please give us a call today or shoot us an email. We have closed over 400 short sales and we are one of :k1:’s largest real estate teams and short sale teams and we would love to chat with you and have a free consultation about your current situation.

Again, this is huge that this was extended for a year which brings a lot of relief for a lot of people that may be considering a short sale. If you are not sure where you stand, go to our website. Go to www.MyHomeValueCalculator.com and it will instantaneously send you an estimated value of what your property is worth. If you are underwater, the great thing about this tool is it will give you a breakeven point in terms of time and costs to you. Again, I’m Kelly Cook with the Cook & Associates Real Estate Advisors, one of :k1:’s leading short sale teams and we are here to help. Give us a call or email us, whichever is easier for you. Our number is 480-442-9868 and our email is info@cookandassociatesaz.com, and either way we would love to talk to you about your situation. We can help you make a more informed decision on your property and find out if a short sale might be right for you. Thanks and have a good day.

Things You Need to Know about the Mortgage Debt Relief Act

June 23, 2012

Hey guys, Kelly Cook here with the Cook & Associates Real Estate Advisors, your :k1: real estate specialists. We can be found online at www.AZKCRealEstateGroup.com. We specialize in helping area homeowners find alternatives to foreclosure through the means of a short sale. Now the topic we are discussing today is very important. If there is no other video you watch, that we do or anyone out there does, about short sales, this is probably arguably the one to watch. Why, because it has to do with the mortgage forgiveness debt relief act. Now a lot of you are wondering what that is. Well, that is a piece of tax legislature that was put together and passed by Congress in 2007 that currently expires December 31, 2012. So you are running out of time to complete a short sale and have the potential of zero tax liability which is huge.

So, for someone who is thinking about doing a short sale right now, if their short sale closes on December 30, 2012 as opposed to January 2, 2013, that could have a huge financial impact on their finances. So if you are on the fence wondering if you should do a short sale and is this the right time? I’m here to tell you to get started right away because the banks are very slow. We push them and we have a very systematic process that we use in our office to negotiate short sales. With that being said, the banks still work on their own time frame.

So we always advise our own clients and customers to please give yourself as much time as possible to get the short sale done. With that being said, there is no time like the present to start. The average short sale can last 3 to 4 months and sometimes longer. So if you are out there wondering if a short sale is right for you, based on the tax liability alone that you could have potentially eliminated, if it closes by the end of this year, please give us a call. We can talk more about the legislation and if it will be potentially postponed. As of right now, it is set to expire. Give us a call at 480-442-9868. You can also email us at info@cookandassociatesaz.com or simply contact us through our website here at the contact us tab. You can also go to our short sale calculator which is a useful tool that gives you a break even analysis that will show you when your home will hopefully be an asset again.

Again, I’m Kelly Cook with the Cook & Associates Real Estate Advisors, one of :k1:’s leading short sale teams and we are here to help answer any questions you have. Thank you very much for your time and I look forward to speaking with you soon.

Important Information About the Mortgage Forgiveness Debt Relief Act and its Expiration Date

February 25, 2012

Hey guys, I’m Kelly Cook here with Cook & Associates Real Estate Advisors, :k1:’s number one short sale specialists. We can be found online at www.azcaseyrealestategroup.com. We service and help homeowners all across the entire greater Phoenix, Arizona area and try to find alternatives to foreclosure if they are underwater and need to sell.

Today’s question that we’re addressing is will the mortgage forgiveness debt relief act expire any time soon, does it have a date where it will no longer be in effect? The first part of that question is what is the mortgage forgiveness debt relief act? It is a piece of legislature that the Bush administration passed in 2007 that has already been extended once and that’s until December 31, 2012. That will have profound effects on people who are thinking about doing a short sale on their property. Right now it is designed to eliminate the tax liability that could occur in a short sale or foreclosure. It’s meant not to kick people while they are down and actually not put more debt onto their load when they are trying to get out from under their debt.

So it’s a very good piece of legislature that will certainly help a lot of people and has helped thousands of people across the country already. So please don’t delay. If you’re thinking about a short sale, then you definitely want to have your short sale close by December 31, 2012. Since a short sale can take as long as 12 months or longer, it would be very wise to start right not to give yourself as much time as possible to get that short sale closed and completed by December 31, 2012. Again guys this is Kelly Cook with the Cook & Associates Real Estate Advisors, one of :k1:’s number one short sale specialists. Please feel free to contact us here on the website or email us. You can also give us a call because we are available 24 hours a day, 7 days a week for your convenience. I look forward to hearing from you guys and we’ll see you on the next video. Goodbye.

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