Published: December 27, 2011
New Year's Resolution: Get Out of Your Underwater Home
SCOTTSDALE, Ariz. - (BUSINESS WIRE) - Each New Year begins with the same resolutions: Spend more time with
family, go to the gym and lose weight. In 2012, the resolution for many
will be: Get out of debt. For homeowners, it's time to start thinking
about how underwater they may be in their homes.
With surges in home
foreclosures and the upcoming expiration of the Mortgage Forgiveness
Debt Relief Act, homeowners need to ask themselves: Do I continue to pay
my mortgage when I'm so far upside down, or can I even afford to
continue paying my mortgage?
A CoreLogic study showed that 49 percent of Arizonans with home loans
have negative equity in their homes, making Arizona the second-worst
state in the nation. Brian
Gubernick of Scottsdale-based Homehelper
Consultants has helped hundreds of these underwater homeowners
navigate their options and begin the road
to recovery.
"Short selling can be a great option to avoid
foreclosure and get out from underneath your home," said Gubernick.
"That said, a short sale isn't always the best solution for everyone. We
work with our clients to evaluate their situation, review their options
and help them with the solution that best fits their needs."
One of the greatest assets to underwater homeowners has been the
Mortgage Forgiveness Debt Relief Act that allows many to avoid large tax
liabilities tied to their short
sale and foreclosure transactions.
"If you owe a debt to someone and that debt is forgiven, the amount they
forgive can be taxed," said Gubernick. "Right now, many borrowers are
able to avoid
tax liabilities resulting from the debt cancellation, but when the
debt relief act expires in 2012, many will face a substantial tax burden
that could have potentially been avoided."
"According to Zillow, home values in the Phoenix area have dropped 53
percent over the past five years," added Gubernick. "With little hope of
rebounding in the near future and the expiration of the debt relief act,
the time to act is now. Short sales can take many months to complete, so
to beat the deadline, homeowners need to start
the process by April, if not sooner."
For more information, visit www.homehelperconsultants.com
or call 480-314-4HHC (4442).
Owens Harkey Advertising
Ryan Narramore, 602-254-5159
r.narramore@owensharkey.com
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