Mortgage Forgiveness Debt Relief Act Not Extended by Congress

The Mortgage Forgiveness Debt Relief Act has not been extended by our very productive United States Congress and this is going to have a rippling effect on the real estate market and the general economy. This Act has been in place since the beginning of the real estate market’s downward turn in 2007 and has been one vital piece to the turn around of the nation’s real estate market. The Act he made it possible for homeowners facing Foreclosure, Short Sale or Mortgage Modification to exclude the forgiven debt from their calculation of taxable income, saving them thousands, or even tens of thousands of dollars, in taxes that could have been owed. It will be owed at the homeowner / borrowers current tax rate in 2014, unless extended. The idea of extending the Act has bi-partisan support, so the question I have got to ask is why won’t either side bring it to a vote and get this extended. I am not an advocate of governmental intervention in the private affairs / business of the free market but this is one area that they need to intervene. If you have any questions or comments email me at Collier@MegaAgents.com, visit my blog at www.CollierSwecker.com or my website at www.MegaAgents.com.

Banks are Finally Pricing Foreclosed Homes To Sell

Collier Swecker video blogs about how home buyers need to understand that banks have started to accurately price foreclosure listings so that they will sell quickly and closer to asking price. Gone are the days where banks spend little effort in arriving at a listing price and just hope that they get as much as they can. The banks have finally learned that they will economically come out better if they act more like a traditional home seller than as a stubborn bank. This economy has forced the banks to not only price homes accurately but also to do more necessary repairs on the home prior to putting it on the market.  If you have any questions or comments email me at Collier@MegaAgents.com, visit my blog at www.CollierSwecker.com or my website at www.MegaAgents.com.

Social Media Can Be The Most Effective Tool To Sell Your Home

Collier Swecker video blogs about how taking copies of the photos, videos and/or slideshows that your Real Estate Agent is using in their marketing and sending them out on your Facebook and other Social Media Accounts so all of your friends and family will see that your home is for sale! This is one marketing nugget that has worked well in the age of social media especially when the pictures or video are professionally shot. Friends and family on social media would love to help you sell your house by getting the word out and these photos and/or video footages can be key to effectively getting the news out there, that you are selling your home. People will help you sell your home if you only will ask!  If you have any comments or questions, email Collier at Collier@MegaAgents.com or visit my website at www.CollierSwecker.com.

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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 Collier@MegaAgents.com or visit my website at www.CollierSwecker.com.

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Every Real Estate Agent May Have A Door Key to Your Home

Collier Swecker video blogs about how any home purchasers who have purchased a HUD foreclosure home in the last 15 years and who have not changed the locks from the time that they bought the home are at risk for anyone who has or has had a real estate license coming straight in the front door with the universal “HUD” keys that are used on all HUD foreclosure properties. Most home buyers change their locks when they buy a new home, but some put off till another day, the rather tedious and expensive task of re-keying their home. By not re-keying or changing the locks, you are essentially sharing your home’s key with thousands of Realtors both past and present. Just thought some of you HUD home buyers would want to know! If you have any comments or questions, email Collier at Collier@MegaAgents.com or visit my website at www.CollierSwecker.com.

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