Under Water in Goodyear? Time is running out...
By Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty
(Serving the Greater Phoenix and Scottsdale Metropolitan Area)
It's been over 3 years since the Goodyear market started to tumble, and while it's not still in free-fall, one can tell from the property tax records amongst other resources that housing prices are still declining. Those under water in Goodyear hoping for a miraculous recovery that restores equity and brings them once again above water have, for the most part, grudgingly acknowledged that it's going to take "a while". In many cases "a while" translates into 15 years or more! Here's the problem looming on the horizon. If you lose a property to foreclosure (Trustee Sale) or close escrow on the Short Sale of your property PRIOR to January 1, 2013, the Mortgage Forgiveness Debt Relief Act will still be in effect. If the property changes hands ON or AFTER that date - you have the privilege o...
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