Assuming that Tax Forgiveness is NOT extended past 12/31/12,

how are you advising your short sale clients selling properties that won't close until January?

Is it really better to get foreclosed after 1/1/13?  Does foreclosure give a tax advantage in 2013 that a short sale would not?

 

 

 

 

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I heard this was going to be extended. Does anyone know for sure?

It's been proposed by some State Attorney General's, but personally I doubt it will be.

http://www.housingwire.com/news/attorneys-general-request-extended-...

My seller bought a new home in the summer. They have what was their principal residence rented out. The rent does not cover the whole mortgage. Now, due to medical reasons, they cannot keep making payments. There is a first and a second. If we start a Hirt sale now, what will thir liabilities be? They also own a piece of land. They bought it years ago, but -apparently - the realtor at the time did not tell them that there was a moratorium and therefore they have no water and cannot build. They can't pay on this anymore, but who is going to buy an unbuilt able lot? Any suggestions, please?

Congress must pass the law; it's part of the Fiscal Cliff issue.

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