The Nagel Law Group which operates out of Phoenix Arizona posted a very interesting article about traditional phoenix homes for sale versus distressed homeowner homes for sale and ties it all into the Mortgage Forgiveness Debt Relief Act.
The basis of the article had to do with the fact that for April 2012, traditional Phoenix home for sale listings fell by 31% while while distressed homeowner property for sale which includes foreclosure and short sale listings fell by a whopping 81%.
Now take also into consideration that overall inventory levels for Phoenix homes for sale have been at seven year lows so procuring Phoenix real estate listings has been challenging for Phoenix realtors.
As a result, it is believed that in an effort to procure more listings, brokers and realtors have been encouraging distressed homeowners to list their homes by telling these homeowners if they do not short sell or foreclose on their home before year end 2012, they could be on the hook for severe tax consequences with the tax liabilities having to do with the planned 2012 expiration of the Mortgage Forgiveness Debt Relief Act.
When we are discussing Arizona distressed homeowners, this is simply not always true (based on contentions made by Arizona tax attorneys and CPAs) due to limitations in deficiency judgments against Arizona homeowners as mandated by the Arizona Anti-Deficiency Laws. As long as certain stipulating criteria are met, Arizona’s “anti-deficiency” statutes prevent a lender from suing a homeowner for any losses on a home after foreclosure or short sale.
DistressedHomeOwnerRescue.com is a culmination of resources put together for the sole purpose of advocating for Arizona distressed homeowners. Every homeowner’s circumstances are unique and there is typically always a viable solution which will allow a homeowner to get back on track and into home ownership again.
We are a team of Phoenix Arizona realtors and part of a distressed homeowner program and we encourage you to contact our network of resources so you can aggressively begin your recovery.