Underwater Homeowners Breathe a Sigh of Relief as Congress Renews Mortgage Debt Relief Act!

On January 1, 2013, Congress passed an extension of the Mortgage Forgiveness Debt Relief Act. This extension of this act, which has saved homeowners more than $1 billion dollars in taxes, is great news for struggling homeowners nationwide.

The Mortgage Forgiveness Debt Relief Act was originally passed in 2007 to aid the millions of homeowners who suddenly found themselves in danger of losing their homes to foreclosure following the housing market crash.

Under the Mortgage Forgiveness Debt Relief Act, any debt forgiven in a short sale, foreclosure, or loan modification, is exempt from federal taxes on primary residences. For homeowners facing foreclosure, this exemption saves them from paying thousands, or even tens of thousands, in taxes on top of losing their homes.

Now for another year, homeowners can take advantage of this exemption and avoid foreclosure without the fear of an impossible tax liability. 

As a Certified Distressed Property Expert (CDPE) agent, I am specially trained to help homeowners escape the threat of foreclosure. If you or someone you know is facing foreclosure, contact me at 317.442.9786 or cbreneman@prudentialindiana.com for a private consultation. I can help find a solution!

New Home Building Permits Climbing In Indiana

In the nine-county metro Indianapolis region, there was a 55 percent jump in new home filings in January 2013 compared to January 2012. Overall for 2012, there was a 16 percent increase in permit filing from 2011, and that growth is continuing into the new year.

According the the Indianapolis Business Journal, Johnson County saw a 79 percent increase from the previous year and great gains were also seen in Hendricks, Hamilton and Marion counties.

Naturally, most new home construction is taking place outside of the urban centers. Indianapolis’ rapidly growing suburbs are beginning to offer more of the benefits of city life, like locally sourced and ethnic restaurants, shopping and new art galleries, making suburban life more appealing.

With building and new home construction prices still offering very good deals to homebuyers, we’re seeing signs that many Hoosiers are trying to make these purchases before these massive savings evaporate. For our clients who are looking to sell a home in or near a neighborhood with plenty of new construction happening, talk to me about what your best options are for listing your home to stand out from those who may consider building.

For existing home buyers and sellers, new home filings show strong growth in the Central Indiana home market as a whole and is another sign of continued recovery.