Time Running Out for Distressed Homeowners

LOUISVILLE, Ky. - Oct. 14, 2013 - PRLog -- Distressed homeowners in Louisville will soon no longer be able to take advantage of the Mortgage Forgiveness 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.

"The act expires at the end of 2013," says Geoffrey Brandreth, CDPE, Principal Broker of Louisville Area Realtors. "Some of the solutions available to homeowners can take months to complete. For homeowners to take advantage of the act before the end of the year, they have to start today," Brandreth added.

The Morgage Forgiveness 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 mortgages to take advantage of its benefits.

As a Certified Distressed Property Expert, CDPE, Brandreth 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.

Brandreth has developed a free report entitled "Don't Let Your Short Sale Leave You Taxed" that is accessible from his website, www.StopKyForeclosures.com.