Distressed homeowners are running out of time with the Mortgage Debt Relief Act set to expire.

Oct. 9, 2012 - PRLog -- Distressed homeowners in New Port Richey are on the verge of losing the relief they have received from the Mortgage Debt Relief Act. The law, enacted in 2007, helps distressed homeowners by relieving them of additional tax responsibility that often accompanies cancelled or forgiven debt.

“Before the Mortgage Debt Relief Act, many distressed homeowners would finish the arduous process of getting the bank to agree to some form of debt forgiveness, only to find that they owed thousands of dollars to the IRS in taxes.” says Jason Nadler, CDPE Keller Williams Realty. “In most cases, it was like refinancing your debt with the Internal Revenue Service and we all know how that goes,” Nadler added.  

The Mortgage Debt Relief Act has provided opportunity for millions of distressed homeowners in the marketplace to take advantage of short sales or loan modifications without worrying how these actions will affect their future finances. The law is set to expire and time is running short for homeowners with unaffordable mortgage to take advantage of its benefits.

There is a bill in Congress that would extend the act through 2013, but it is unclear if it will pass. “During an election season where taxes have become very politicized, it is difficult to know if the extension will pass,” said Nadler.

As a Certified Distressed Property Expert (CDPE), Jason Nadler is knowledgeable of the entire landscape of foreclosure avoidance options and is distinctly qualified to negotiate with banks and help financially strapped homeowners regain peace of mind and a sense of stability for the future.

Jason Nadler has developed a free report entitled “This Sunset is Beautiful” that is accessible from his website, http://www.scarabproperties.com.

Jason Nadler is a Real Estate Consultant and CDPE for Keller Williams Realty located in the Tampa Bay Area of sunny Florida. His dedication to helping homeowners find a solution since 2007 has given him extensive knowledge about the short sale and foreclosure process. He can be contacted by visiting one of his websites at http://www.selectbayareahomes.com; http://www.scarabproperty.com; or http://www.scarabproperties.com.