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SB 351 Help for short sale investors

Help for short sale investors

 

Action Required: Contact Your Local Senator

 

 

The Following US Senators should be contacted in a friendly and encouraging manner to urge their support of the Mortgage Forgiveness Debt Relief Act in Senate Bill 351.  Please FAX a 1-page letter, on your letter head to the Senator in YOUR STATE.  A few sample sentences below are provided for your convenience.

 

If you cannot FAX your letter to the address below, please take a moment to CALL the office and sincerely encourage your Senator to support SB 351.  The staff will typically ask for your name and address.  Ask the staff to have the Senator consider supporting SB 351, the Mortgage Forgiveness Debt Relief Act.  Let them also know you are a Real Estate Investor and can be a resource for them in the community on this issue. In addition to sending a fax to your Senator please send a fax to Chairman Paul Ryan, House Ways and Means Committee. Here’s the committee office contact information: Phone: 202 225 3625 Fax 202 225 2610.

 

 

PA Senators:

Pat Toomey, PA  Phone: (202) 224-4254  Fax: (202) 228-0284

Bob Casey, PA  Phone: (202) 224-6324  Fax: (202) 228-0604

 

Sample statements to incorporate into a letter to email to your Senator.

 

I am writing on behalf of the National Real Estate Investors Association regarding SB 351 the Mortgage Forgiveness Debt Relief Act.  As a constituent and small business real estate owner, I understand the need for this legislation and the impact it has on our community.

The bill would extend the Mortgage Forgiveness Debt Relief Act through 2016, curtailing tax penalties for low- and middle-income homeowners and their creditors who wish to use short sales to cut mutual losses.

Without Senate action, however, short sales will continue to wither, causing homeowners and neighborhoods to do the same. A multi-year extension of the act would solidify a crucial tax break on forgiven debt for short sellers and buyers.

 

The longer a property is in distress, the more likely it is to fall into disrepair and abandonment. Once a foreclosed property is vacated, it often draws criminal activity, hindering both the safety and neighboring property values of the community.

Please protect distressed homeowners from financial ruin, and allow the private market to assist them. Please support SB 351

 

 

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