Politics & Government
Good News for Lilburn Home Owners, Mortgage Debt Forgiveness Extended
Good news comes for struggling homeowners.
As part of the "fiscal cliff" vote, the Mortgage Forgiveness Debt Relief Act is being extended.
What this simply means is that when a struggling homeowner sells their home for $75,000 and they owe $150,000, they are not taxed on the $75,000 that the bank had to write off. This is good news for homeowners that are struggling.
Other homeowner benefits extensions include being able to deduct your private mortgage insurance for those who make less than $110,000 a year. This is retroactive back to 2012 and includes 2013.
Find out what's happening in Lilburn-Mountain Parkwith free, real-time updates from Patch.
A tax credit of up to $500 is available to homeowners who made energy improvements to their home in 2012. This is also available in 2013.
By the Numbers:
Active Listings: 165
Find out what's happening in Lilburn-Mountain Parkwith free, real-time updates from Patch.
Average Price: $192,157
Sold Listings:37
Average Days on the Market: 72
Average Price: $158,529
Featured Homes:
Parkview: This is a dream home!
Meadowcreek: Homes comes with a vaulted great room.
Berkmar: This foreclosed home was built in 2006.
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