The Mortgage Relief Act Extended One Year!

We are happy to report some good news on the mortgage front! The Mortgage Forgiveness Debt Relief Act has been extended through December 31, 2013. Congress recently passed a bill called The American Taxpayer Relief Act of 2012 that extends dozens of tax cuts. What does this mean for you?

If you've found yourself drowning in mortgage debt, you still have a chance to do something about it. This Act allows homeowners to have their debt forgiven through a short sale or a loan modification without being taxed as income.

For a full list of all the tax extensions, visit this website.

If you are worried that your mortgage is becoming too burdensome, you can take other measures to relieve your household. Call Quest Loans for information on refinancing your current mortgage. The mortgage rates are low! 888-883-5252

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FHFA's New Guidelines for Short Sales

The FHFA has announced that all existing short sale programs will now be consolidated into one standard program. This short sale program is being issued by Fannie Mae and Freddie Mac in hopes of providing clear guidelines for mortgage servicers that will allow them to quickly and easily qualify eligible borrowers for a short sale. These new guildlines are going into effect on November 1, 2012. Any homeowner who has a mortgage through one of the GSE's will be allowed to sell their home in a short sale if they experience an eligible hardship such as the death of a borrower, divorce or loss of job. These reasons will not require further approval from Fannie Mae or Freddie Mac which helps to prove their commitment to streamlining these types of programs that help homeowners avoid foreclosure. It helps to stabilize communities and the economy.

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