Time Running Out for Homeowners to Take Advantage of Vital Government Program.

Online, October 19, 2013 (Newswire.com) - Time is Running Out For Homeowners to Take Advantage of Vital Government Program.

Distressed homeowners in the Tampa Bay Area will soon no longer be able to take advantage Mortgage Forgiveness Debt Relief Act. The law, which was enacted in 2007, helps distressed homeowners by relieving them of additional tax responsibility that often accompanies cancelled or forgiven debt.

"The act expires at the end of 2013," says Paul Virgadamo, Broker Associate® with Keller Williams Realty. "Some of the solutions that are available to homeowners can take months to complete. For homeowners to take advantage of the benefits of the Mortgage Debt Relief Act before the end of the year, they have to start today," Virgadamo added.

The Mortgage Forgiveness Debt Relief Act has provided 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 homeowners with unaffordable mortgage to take advantage of its benefits.

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

Paul Virgadamo has developed a free report entitled "Don't Let Your Short Sale Leave You Taxed" that is accessible from his website, www.paulsellsflorida.com. To view it access the website and click on the SHORT SALES radio button.