Happy New Year Friends!
This is your Hard Money Lender in Tucson and the Southern Arizona area, Billy A. I just received the following information from my friends at the Combs Law Group, P.C that I wanted to share to get the year off to a good start:
The Mortgage Debt Relief Act (“MDRA”) enacted in 2007 was scheduled to expire December 31, 2012. In the “fiscal cliff” legislation just enacted by Congress, however, the MDRA has been extended until December 31, 2013. Therefore, after a foreclosure or a short sale of a home in Arizona, any debt forgiveness of a mortgage loan used to purchase or improve the home will continue to not be taxable income.
Note: If you would like assistance regarding commercial or residential transactions, business formation, estate planning, contract disputes, HOA issues, landlord tenant disputes, potential litigation or other legal matters, please call Chris’ office at 602.957.9810 and arrange for an initial consultation with one of their real estate attorneys.
Thanks to Christopher Combs and his team for sharing this information. That’s it for this time! Make it another great year!
Your Hard Money Lender in Tucson and Southern Arizona,
Billy A
P.S. I want to be your favorite Hard Money Lender in Tucson and Southern Arizona, so please don’t keep me a secret! If you, your friends or family need help with funding, I’d be happy to give them free information without any obligation. Please give me a call at: