Temecula Short Sale Specialist – IRS no problem.
Yes your can strike the IRS off your list of items of concern if you decide to go forward with a short sale. You have the protection of an act signed into law by the president of the United States in 2007.
This act is the “ Mortgage Forgiveness Debt Relief Act of 2007 ” this act address the issues of
Phantom income. This is the income that shows up on the 1099 form that your lender may send
you after the close of your Temecula short sale. It is called Phantom income as this is money/income that you never really received yet it shows up as income on the 1099 form that your lender files with the IRS and looks like income – money you have received.
You may not be covered or protected by this act if you have not lived at the property two of the last five years.Note this act will expire at the end of this year! Dec 2012. It has been extended once before and I believe we will see another extension of this act granted before the end of the year.
This is just one of the many protections offered to you in a short sale. If you decide that a short sale is a better option to a foreclosure
or you just need more short sale information call me at 951-217-6745 or email Expert@aShortSale.com
No fees or pressure,just honest free advise from the best Temecula short sale specialist.