(PRWEB) November 19, 2012
The Home owners Consumer Center is now warning that without a Congressional, and Obama Administration extension of the current mortgage debt forgiveness federal tax provisions for homeowners who do a loan modification, a short sale, a deed in lieu, or go by way of a foreclosure, and acquire a principal reduction in what they owe their lender anytime following December 31st 2012- the homeowner is going to get hit with a federal tax bill. The principal reduction received by the homeowner after December 31st 2012 will be treated as revenue by the US IRS. The Property owners Customer Center says, “We worry if the US Congress does not move quickly to extend the mortgage debt forgiveness tax provisions immediately, we could finish up with a stampede of US property owners walking away from their houses prior to December 31st 2012-with the net outcome reduced residential actual estate costs nationwide, that are brought on by a tidal wave of new residence foreclosures-or in this case deed in lieu of foreclosures. We’d call this a disaster, for the US housing markets, the US economy, and for all US property owners. We’d also get in touch with it a bipartisan should do-extend this now.” http://HomeownersConsumerCenter.Com

Important Note from the Property owners Customer Center:”Who need to be worried about Congress, and the Obama Administration failing to extend the Mortgage Debt Forgiveness Tax Provisions? Answer: All US property owners who owe a lot more on their property than it is worth, all US genuine estate agents, all US Certified Public Accountants, all US tax planners, all US bankruptcy attorneys, all US banks, or mortgage lenders, all investors that personal mortgage back securities, and all US property owners who recognize a sudden surge of millions of US home owners walking away from their properties in December of 2012 additional devalue the already challenging hit US residential actual estate markets.” http://HomeownersConsumerCenter.Com

On March 1st 2012, CNN Funds wrote, “The number of home owners who have fallen underwater on their mortgages-owing more than their properties are worth — climbed to 11.1 million in the final three months of 2011, a three.7% increase. Those in this upside-down position, also known as unfavorable equity, represent 22.eight% of home owners with mortgages. The count rose from 10.7 million borrowers (22.1%) only 3 months earlier, according to a report from CoreLogic.” The Homeowners Customer Center says, “Considering that the re-election of President Obama has anybody else noticed the lay off notices getting described in the enterprise sections of many US newspapers? What takes place to the 22.8% of all US homeowners, who are upside down on their house mortgage when they all of a sudden comprehend-if they never stroll away from their properties now-they may possibly get taxed on a principal reduction in 2013? At this moment we are saying if the US Congress, and the Obama Administration do not wake up now, and extend the Mortgage Forgiveness Tax Provisions now-we are going to have a truly big mess on our hands, and its going to begin extended prior to December 31st 2012.” http://HomeownersConsumerCenter.Com





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