[quote=CA renter]Good question, and I’ve often wondered how they were going to handle this going forward. Maybe they’ll extend it, but there’s not been much talk about it, which leads me to believe there’s a pretty good chance it will expire.
I’ve told everyone I know who’s been struggling with housing payments that they need to make a determination now, and if they intend to short sell or have it foreclosed on, they need to do so immediately.
Conspiracy time (just popped up right now)…maybe this is why they’re holding off on all the foreclosures. They know that people will be much less likely to let their homes go into foreclosure if they’re going to be responsible for possibly tens of thousands of dollars in taxes. Maybe the lenders are hoping this will keep people in debt slavery, even though it would have been better for them to dump their houses/loans pre-2013.
It will be interesting to see how this goes down.[/quote]
Actually the debt relief act only relates to shorts and dil’s.
Foreclosure already has had that provision for like 30 years.
Actually letting it sunset means making foreclosure more financially secure than short selling.
For that reason, I consider the sunset to be unlikely.
I suspect it will be extended with indefinite provisions.
