May 22, 2012, Distressed homeowners in Central Florida will soon no longer be able to take advantage Mortgage Debt Relief Act. The law, enacted in 2007, helps distressed homeowners by relieving them of additional tax responsibility that often accompanies cancelled or forgiven debt.
“For many homeowners, even if the bank agreed to cancel or lessen their debt, they were unable to afford the extra taxes that they owed” says Realtor and Distressed Property Expert Paul Antonelli in a recent Bloomberg interview. “In many cases, the additional taxes would equal tens of thousands of dollars. It was like trading one unmanageable debt for another,” Antonelli added.
The Mortgage Debt Relief Act has provided the opportunity for millions of distressed homeowners in the marketplace to take advantage of short sales without worrying how these actions will affect their future finances. The law is set to expire and time is running short for homeowners with unaffordable mortgage to take advantage of its benefits.
As a Multi-Certified Distressed Property Expert, Paul Antonelli is knowledgeable of the entire scope of foreclosure avoidance options and is distinctly qualified to negotiate with banks and help financially strapped homeowners regain peace of mind and a sense of stability for the future.
Paul Antonelli has developed a free report entitled “Time is Running Out: How the Mortgage Debt Relief Act can save your home” that is accessible from his website, www.PaulAntonelli.com.