Tucson Realtors Say Now Is the Time To Short Sale Thanks To Numerous Incentives

Has your Tucson realtor told you about the current incentives that are being offered to homeowners to complete a short sale on their home? If you’re in a difficult financial situation and want to be out of your home a short sale may be the best alternative for you and Tucson realtors say that now is the time to take advantage of the many incentives that are available.

With any short sale or foreclosure Tucson realtors say the homeowner is usually responsible for paying taxes on the forgiven amount, however currently the Mortgage Forgiveness Debt Relief Act is in place until the end of the year. This act makes a majority of homeowners exempt from paying taxes on their forgiven amount, saving them hundreds of dollars at tax time next year.

There are also many different cash incentives currently being offered. First, there are a few government sponsored programs such as HAFA, or if you have an FHA or VA loan they are offering cash at closing. Tucson realtors also say that some lenders, especially some of the bigger ones such as Chase, Wells Fargo, GMAC and Bank of America are also offering cash incentives at closing; not only this, but some homeowners are also being offered full debt forgiveness before they even begin their short sale process. If you qualify for a government sponsored short sale program as well as one through your lender, Tucson realtors explain that you could walk away with a nice amount of money in your pocket; this is very helpful when trying to start over financially.

To learn more about the many different cash and money saving incentives that are currently being offered to homeowners, reach out to a Tucson realtor for additional information. They can help you determine which programs you qualify for and if there are any extra steps you need to take in the qualification process.

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