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  • Kimberley Kelly January 17, 2012 at 4:07am

    Hope it gets extended.  Otherwise..more foreclosures are coming here in Southern California.  Riverside County where Palm Springs and La Quinta are located was smashed with the housing crash.  We're finally seeing some stability..now is not the time to cut any type of help for people with underwater mortgages.  Fingers crossed.

  • Eric Mieles January 17, 2012 at 2:52am
    Actually PauL It had hit me and I did a search past Christmas and didn't see anything on it. So I decided to get a feel for whT the community was thinking as well as get some insight on what changes some might make in there business.
  • Bryant Tutas January 17, 2012 at 12:51am

    This is a taxable event. Therefore the event has to take place in the tax year. The transaction has to be closed in 2012. The latest date on the closing HUD would need to be 12-31-2012.

    • Paul Jones > Bryant Tutas January 17, 2012 at 2:40am

      exactly. it's being talked about in this thread but very odd that no discussion in the news. this is huge yet not a peep about it anywhere. i actually mentioned it in another post and thats probably the only reason its even being discussed here.

  • Kevin - Greenville, SC January 16, 2012 at 5:46pm

    Thoughts to ponder..... What if you took a Short Sale Listing that had a Foreclosure Sale Date in 2012, but because of the inherit delays involved with Short Sales it 'may' not close until after the Mortgage Forgiveness Act had expired?

  • Marcy Moyer January 15, 2012 at 6:01am

    I don not trust this congress to do anything so I am not counting on the relief being extended. If it is, I will be delighted! If it isn't I think we will see more foreclosures.

  • Victoria Frieberg January 15, 2012 at 3:43am

    I believe it will be extended..but most of my sellers are insolvent.  they do not consult tax persons or attorneys because they cannot afford them, heck, I end up paying for heat in some cases to hold the house warm until closing!   Which brings me to a question I have kicked around. I have sent given sellers referrals to a couple of attornies..and found them to be more confused when they come back to me.  I now believe I have two attornies who actually understand short sales, and are not out to recruit bankruptcy clients.  If my client cannot afford to see an attorney or accountant, what if I were to have our firm pay for a  counseling session with one or the other? Just a thought.

    • Jimmy Williams > Victoria Frieberg January 15, 2012 at 4:04am

      Victoria- In Florida as a Realtor we do not dispense legal or financial advise.  I always advise my short sellers to consult an attorney or financial adviser (accountant), for legal or tax advise.  

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