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Mortgage Forgiveness Debt Relief Act Opens Door to Real Estate Fraud

Last December, President Obama signed an extension of the Mortgage Forgiveness Debt Relief Act through 2016, which is good news to thousands of NJ homeowners as the option of short selling or foreclosing on their homes has remained a viable option for many. The Mortgage Debt Relief Act initially covered 2007 through 2010, but has been extended four times thus far. The act allows homeowners to exclude income from the discharge of debt on their principle residence that has been forgiven by lenders, unlike traditional debt relief programs. Unfortunately, as long as The Act allows homeowners to sell their properties in non-traditional ways there will also be additional risk for buyers of distressed properties.

Increasing amounts of short sales and foreclosures have created various forms of real estate fraud ranging from contract disputes and mortgage fraud to property wholesaling and title/inspection/CO issues. Furthermore, real estate fraud cases from mail fraud to non-disclosure to short sale fraud can have long lasting negative effects on buyers, including damage to credit reports, financial hardship, and future litigation.

Now more than ever seeking knowledgeable legal advice from an experienced real estate attorney is essential for all buyers, sellers, and borrowers when entering into a real estate agreement. With Dash Farrow, LLP, you receive personal attention to your real estate issue and a high degree of responsiveness that helps to ease any anxiety you may feel. We work hard to ensure your real estate transaction occurs as smoothly as possible and your needs are met. If your case goes to court, we stand by you every step of the way and apply meticulous investigation and compelling arguments to protect your rights. We serve individuals and businesses throughout Burlington County, Camden County in New Jersey and the Philadelphia region in Pennsylvania.

Serious Issues Require Serious Counsel

When you need experienced, focused, and responsive legal real estate advice, call Dash Farrow, LLP at (856) 263-3198 or Contact Us Here.

More About the Mortgage Forgiveness Debt Relief Act of 2007