Underwater Homeowners Breathe a Sigh of Relief as Congress Renews Mortgage Debt Relief Act!

On January 1, 2013, Congress passed an extension of the Mortgage Forgiveness Debt Relief Act. This extension of this act, which has saved homeowners more than $1 billion dollars in taxes[1], is great news for struggling homeowners nationwide.

The Mortgage Forgiveness Debt Relief Act was originally passed in 2007 to aid the millions of homeowners who suddenly found themselves in danger of losing their homes to foreclosure following the housing market crash.

Under the Mortgage Forgiveness Debt Relief Act, any debt forgiven in a short sale, foreclosure, or loan modification, is exempt from federal taxes on primary residences. For homeowners facing foreclosure, this exemption saves them from paying thousands, or even tens of thousands, in taxes on top of losing their homes.

Now for another year, homeowners can take advantage of this exemption and avoid foreclosure without the fear of an impossible tax liability.

As a Certified Distressed Property Expert (CDPE) agent, I am specially trained to help homeowners escape the threat of foreclosure. If you or someone you know is facing foreclosure, contact me for a private consultation. I can help find a solution.

For free information on Foreclosure and Short Sales, please visit: www.rhrrescue.com

Teresa Ryan

Ryan Hill Realty, a privately-owned real estate company, has served the Chicagoland area since 2001. Originally focused on Residential / "Premier Properties", we have added a Commercial and an REO/Foreclosure division, making it a full service brokerage for both Business to Business and Business to Consumer clients. Ryan Hill Realty's marketing is "Best-In-Class", creatively marketing each home for maximum exposure, and professionally serving every buyer during their home buying experience. Ryan Hill Realty attributes it growth and success to their commitment to delivering "Outstanding Service and Results", adjusting to the market and their client's needs, and their expertise in specific marketing strategies for serving "High End" Luxury Property clients, to First-Time Homebuyers, as well as Multi-Family and Investment clients. Ryan Hill Realty is also a "Woman Owned" Company and is committed to giving back to community with over 45 Realtors serving the 6-county Chicago Metro area. The company's mission is to deliver the ‘American Dream' by serving clients and community with passion and excellence.

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