Century 21 Future Builders States the Mortgage Debt Relief Act Expires, and Distressed Homeowner's Are Running Out of Time

Algoanc, MI, June 06, 2012 --(PR.com)-- St. Clair, Macomb MI distressed homeowners will soon no longer be able to take advantage of the Mortgage Debt Relief Act. The law, enacted in 2007, helps distressed homeowners by relieving them of additional tax responsibility that often accompanies cancelled or forgiven debt.

For many homeowners, even if the bank agreed to cancel or lessen their debt, they were unable to afford the extra taxes that they owed, says Pamela Smith, Certified Distressed Property Expert, Century 21 Future Builders. In many Cases, the additional taxes equal tens of thousands of dollars. It was like trading one unmanageable debt for another.

The Mortgage Debt Relief Act has provided an opportunity for millions of distressed homeowners in the marketplace to take advantage of short sales or loan modifications without worrying how these actions will affect their future finances. The law is set to expire, and time is running short for homeowner's with unaffordable mortgages to take advantage of its benefits.

As a Certified Distressed Property Expert (CDPE), Pamela Smith is knowledgeable of the entire landscape of foreclosure avoidance options and is distinctly qualified to negotiate with banks and help homeowners regain peace of mind and a sense of stability for the future.

Pamela Smith has developed a free report entitled "Time is Running Out: How The Mortgage Debt Relief Act Can Save You" that is accessible from her website, http://hosted.cdpe.com/174556.

For more information about the CDPE Designation, visit www.cdpe.com