Health & Fitness
BLOG: The Clock Is Ticking on Short Sales
The Mortgage Debt Relief Forgiveness Act is set to expire in just a few months and could greatly change the availability of short sales on the market.
Now might be the best time to buy a short sale!
The Mortgage Debt Relief Forgiveness Act is set to expire at the end of this year, and if it does, it will dramatically change the options available to homeowners who are currently under water.
Under the current law, homeowners are "forgiven" the tax on the amount of the loan that the bank writes off on a short sale. Under the regular tax laws, you would be liable for taxes on any forgiven debt. If the law does expire as it's set to, it could deter homeowners from choosing that route and greatly diminish the amount of available short sales.
Find out what's happening in San Juan Capistranowith free, real-time updates from Patch.
There is still a chance the act will be extended beyond 2012, but it hasn’t happened yet, and there’s no assurance that it will. So while the short sale process can be a “challenge,” it might be the last chance to get a good deal.
Here are the homes currently available in San Juan Capistrano that are currently listed as “short sales.”
Find out what's happening in San Juan Capistranowith free, real-time updates from Patch.
2 bedroom/2 bath 1,000 SF
$239,000 29771 Monarch Dr
4 bedroom/3 bath 3,200 SF $899,000 34101 Via California
2 bedroom/2.5 bath 1,620 SF
$294,000 27598 Starrise 2 bedroom/2.5 bath
910 SF
$249,900 27962 Calle San Remo 3 bedroom/2.5 bath 1,696 SF
$449,90
There aren't many left, but one of them might be right for you! For information on these or any other properties for sale, I’m always happy to answer questions!
