Jacksonville, NC (PRWEB) December 24, 2012
On January 1, 2013, the Mortgage Forgiveness Debt Relief Act of 2007 will expire. Initially passed in 2007, this exempted struggling homeowners from paying taxes on debt forgiven in a short sale, foreclosure, or loan modification.

With the expiration of this act, home owners need to as soon as once more report any forgiven mortgage debt as taxable income. According to Walter Whitehurst, CDPE, ERA Wilkinson and Strother Genuine Estate, this newly re-levied tax tends to make avoiding foreclosure a lot more essential than ever for struggling property owners.

If homeowners pursue alternatives to foreclosure, such as a loan modifications or brief sales, they can lessen the amount of debt forgiven, reducing the taxable amount. says Walter Whitehurst, CDPE, ERA Wilkinson and Strother Real Estate.

For example, with a quick sale, home owners have some manage more than the final sales price tag. They can use knowledge true estate agents to get as a lot as attainable for their homes. In a foreclosure, the foreclosed home merely goes to auction, said Whitehurst.

In reality, properties sold during the pre-foreclosure procedure, or residences sold by way of a short sale, sold on typical for 26% much less than non-foreclosure properties, whilst foreclosed houses sold for 32% less. For home owners, this distinction can imply thousands of dollars in possible savings.

As a Certified Distressed Property Specialist (CDPE), Walter Whitehurst is specially educated to aid property owners who discover themselves facing foreclosure. Im committed to helping home owners who are struggling, Walter Whitehurst said. As well typically, property owners facing foreclosure believe there is nothing they can do, but there is.

Walter Whitehurst has created a free of charge report to address particularly how the expiration of the Mortgage Forgiveness Debt Relief Act affects them, and illustrates the benefits of various foreclosure options. This report, entitled, Attention! Distressed Home owners: Avoiding Foreclosure Is Much more Critical than ever, is accessible from his internet site, http://www.StopForeclosureJacksonvilleNC.com

About 
Walter Whitehurst, is a Realtor with ERA Wilkinson and Strother Genuine Estate of Jacksonville, NC. Wilkinson and Strother is 1 of the biggest real estate firms in the Carolinas and is a single of the best ten ERA franchises in the nation.

Walters main website is http://www.HomeSearchJacksonvilleNC.com 
For much more info about the CDPE Designation, pay a visit to http://www.CDPE.com.

For far more info, please speak to: 
Walter Whitehurst
(910) 340-5524
walter.whitehurst (at) gmail (dot) com