Short Sale Now Because Mortgage Forgiveness Debt Relief Act Expires December 31, 2012

Collier Swecker video blogs about how the Mortgage Forgiveness Debt Relief Act is set to expire on December 31, 2012. In summary, the Mortgage Forgiveness Debt Relief Act states that if you borrow money, from a bank or a commercial lender and the lender cancels or forgives the debt (i.e. Short Sale) then you are not responsible for paying taxes on the forgiven amount. This includes balances forgiven through foreclosure. The Act only applies to debt incurred to buy, build or improve a personal residence, NOT an investment property.  I strongly encourage anyone who is struggling with their mortgage to talk with a Realtor, Lawyer, and CPA to find the best course of action with your home because delaying the inevitable may cost these homeowners thousands in tax liability and you do not want the IRS on your back in addition to the banks. If you have any questions or comments about the Mortgage Forgiveness Debt Relief Act email me at or visit my website at

[yframe url=’’]

About Collier Swecker

Collier Swecker is a licensed real estate broker, attorney, blogger, speaker and entrepreneur. He is the founding partner of the Mega Agent Real Estate Team at RE/MAX Advantage which ranks as one of the top selling real estate teams in Alabama. Collier also acts as a business and marketing consultant for small business start-ups.

Collier graduated from Auburn University (B.A., 1998), Cumberland School of Law (Juris Doctor, 2002) and Washington University School of Law in St. Louis (Masters of Law in Taxation, 2003). Collier was the principal partner of the law firm Swecker and Sparks LLC for 3 years before leaving the law practice for real estate development and sales.

Collier is a native of Yorktown, Virginia and currently resides in Birmingham, Alabama with his wife, Amanda Capps Swecker. Collier & Amanda are the proud parents to a beautiful daughter, Julia Abigayle. They have one dog named Kramer.

Speak Your Mind