Is there big news on the horizon for Central Florida homeowners? To answer that question we need to understand what the Mortgage Debt Cancellation Act is and how it impacts property owners...

The Mortgage Debt Cancellation Relief Act was established in January 2007 to provide tax relief to borrowers on forgiven home mortgage debt (up to $2 million), as long as the debt was secured by a principal residence and the total amount of the outstanding mortgage did not exceed the original purchase price plus the cost of improvements. What does this really mean?

We've recently given you a lot of information when it comes to short selling your home in Central Florida. You've learned about what a short sale is, why you might need to do it and and how to go about the process, too. In this final part of our short sale series we look at the last piece of the puzzle—when the right time to do a short sale might be. With the understanding you've gained through this series, we hope you are equipped with the right information to make a decision when it comes to selling (or short selling) your home.

Last month we started a series on why some homeowners turned to short sales due the foreclosure crises that took place during the recent recession. What we had originally planned to run as a once-a-month post is now going to be a series that we finish in July. While short sales are still happening in the market place, the number is decreasing, meaning you need this information now rather than later. 

In this series, we're breaking down the facts on why short selling your home in Central Florida might be necessary. We're giving the basics of what, why, how and when a short sale should be done so you can better understand the process. In part one of the series we answered the number one question, what is a short sale? In part two you learn why you might need to consider a short sale.