Lihue, Hawaii – August 31, 2012 – Distressed homeowners in Kauai will soon no longer be able to take advantage 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.
“For many homeowners, even if the bank agreed to cancel or lessen their debt, they were unable to afford the extra taxes that they owed” says Ron Margolis, REALTOR(B) and CDPE of Hawaii Life Real Estate Brokers . “In many cases, the additional taxes would equal tens of thousands of dollars. It was like trading one unmanageable debt for another,” Margolis 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.
As a Certified Distressed Property Expert (CDPE), Ron Margolis 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.
Mr. Margolis has developed a free report entitled “Time is Running Out: How the Mortgage Debt Relief Act can save your home” that is accessible from his website, www.808avoidforeclosure.com
Ron Margolis, Hawaii Life Real Estate Brokers – Ron has been assisting homeowners on Kauai since 2004. His expertise in dealing with banks through loan modifications and short sales has made him one of Kauai’s top distressed property experts. Contact Ron regarding a short sale or loan modification at email@example.com
Ron Margolis, REALTOR(B)