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Your Tax Liability Might be Going Up. Don’t Let This Happen To You!

Mortgage Debt Do you owe more than your property is worth? By now, it’s no secret that home values have been fluctuating rampantly. Through no fault of your own, you might owe more to the bank than the current value of your property.

Have you been biding your time, waiting and hoping for your property values to come back? The time to wait might be over. You could be subject to a serious tax burden if you have debt forgiven via short sale starting in January 2014. That’s right. If you haven’t heard already, the Mortgage Debt Relief Act is expiring THIS YEAR!

How will this affect you? This could cost you tens of thousands of dollars in taxes you didn’t expect. If you short sell your home and the bank forgives debt, you could be subject to taxes based on the amount that the bank has forgiven.

Call Today and Find out how I can help! To find out if your home is under water visit Breakeven Calculator