Ventura County Short Sale HELP!! The National Mortgage Debt Relief Act Expired At The End Of 2013, Is It Too Late to Short Sell My Home?

By Chris B Johnson, Realtor. Prior to 2007, short sales were NOT very appealing to home owners in hardship due to the fact that the borrower could be liable to pay taxes on any money forgiven by their lender. The Mortgage Forgiveness Debt Relief Act came to be law on December 20th, 2007.

This important act was great news and gave most home owners in hardship the chance to sell their property as a short sale, and NOT be have to pay income taxes on the money forgiven them by their lender.

The BAD News is, this act expired at the end of 2013. The GOOD NEWS is the IRS and the California State FTB have extended the benefits of the Mortgage Forgiveness Debt Relief Act!! So if you live in the State of California, It is NOT too late.

Are there still homeowners out there that could benefit from a Short Sale? Well, the number of Homeowners in California who have more than 10 percent equity in their residence went up 2.3 percent, or nearly $120,000, in February. The decline in negative equity is certainly good news, but, it is important to keep in mind that 1.2 million California homeowners, or 13.9 percent, remain underwater and will continue to create significant headwinds for the California housing market recovery. Couple this with increase home prices and increasing interest rates, and you can see it will be more difficult for a lot of buyers.

February was another month with lackluster home sales, and the fifth in a row where sales fell short of the same month a year earlier. The March-through-May data will give us a better sense of what's been holding back activity the most – supply constraints or the double-whammy of higher prices and higher mortgage rates. The drop in housing affordability is enough to nudge some out of the market. Other would-be buyers have no doubt called ‘time out’ while re-evaluating their housing priorities, or watching for signs the market has overshot a sustainable price level.

The economy is growing, creating jobs. People who lost homes to a short sale or foreclosure over the last eight years will be looking to buy again. On the supply side, inventory is increasing, as it normally does this time of year, but so far there hasn’t been an explosion of new listings, and new-home construction is still well below average.

If you want an accurate idea of what your home is worth Click Here:

Free Home Valuation

You may now have enough EQUITY in your home to sell WITHOUT having to be “short”. If you are thinking about a short sale I can help you get an accurate value for your home and get back on your feet. 

Send me an e-mail at cjohnson@prucalhomes.com. 

I will contact you for a free consultation. 

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 805-208-0823. 

 Discover how other sellers successfully completed a short sale and request a free consultation by clicking here. 

Thinking about a loan modification? Our Ventura County-Moorpark-Simi Valley-Thousand Oaks loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy. 

In my next Blog entry, I will give you an idea of where the Real Estate market may be headed over the next five years.

Thanks for reading this, 

Chris B Johnson. 

Chris B Johnson is a Realtor with Prudential California Realty, Berkshire Hathaway HomeServices . 

Phone: 805-208-0823. 

email cjohnson@prucalhomes.com.

Certified HAFA Specialist,   Certified Short Sale Negotiator.  

View My homes for sale at www.ChrisBJohnsonRealtor.com. . 

Chris B Johnson specializes in loan modification assistance and short sales in Ventura County California. Ventura County Loan Modification Help, Ventura County short sales. Ventura County Short Sale Realtor Moorpark CA Short Sales. Moorpark Realtor. Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.