LAHAINA - Distressed homeowners in Maui are on the verge of losing the relief they have received from the Mortgage Debt Relief Act. The law, enacted in 2007, helps distressed homeowners by relieving them of additional tax responsibility that often accompanies canceled or forgiven debt.
"Before the Mortgage Debt Relief Act, many distressed homeowners would finish the arduous process of getting the bank to agree to some form of debt forgiveness, only to find that they owed thousands of dollars in tax liability," said Lee Potts, R(B), CDPE.
"In most cases, it was like trading one unmanageable debt for another," Potts added.
Go to http://www.alohapottshelpsmauihomeowners.com/ for Information on the Mortgage Debt Relief Sunset.
The Mortgage Debt Relief Act has provided opportunity for millions of distressed homeowners in the marketplace to take advantage of short sales or loan modifications 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 mortgages to take advantage of its benefits.
There is a bill in Congress that would extend the act through 2013, but it is unclear if it will pass. "During an election season, where taxes have become very politicized, it is difficult to know if the extension will pass," said Potts.
As a Certified Distressed Property Expert (CDPE), Potts is knowledgeable of the entire landscape 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.
Get a report on the Mortgage Debt Relief Sunset at www.alohapottshelpsmauihomeowners.com/.