According to the tax relief law, the homeowners were able to exclude certain debts that were considered as income by the IRS. But all those who are planning to benefit from these need to be aware of the fact that this tax break is about to expire on December, 31st, 2012 and that a foreclosure or a short sale may take many months to complete. During the housing crisis and during a time when the mortgage rates are at their lowest levels, a window is soon closing on the most important…