The Law Office of Jay S. Cantor

One of our own is in need of your help. Please consider donating to help Christine Pergolizzi, Houlihan Lawrence Realtor, and her husband Tom fight this horrible disease. Two of the kindest people you'll ever meet.

Good news for my short sale clients... The Mortgage Forgiveness Debt Relief Act has been extended for short sales that closed in 2015 as well as those that will close in 2016. As long as the mortgage was used to acquire and/or renovate ones' principal residence, the deficiency will not be regarded as income. The Act initially covered a three-year period between 2007 and 2010, but was extended four times, to 2012, 2013, 2014 and now, to 2016. This can also apply to debt that is discharged in 2017 provided that there was a written agreement entered into in 2016. This is great news for anyone contemplating a short sale of their home, particularly those who closed in 2015 without knowing whether or not the forgiven deficiency would be regarded as taxable income.

Thank you to all of our clients and friends who helped make 2015 an incredible success. I wish each and every one of you, a happy, prosperous, and most importantly, a healthy new year. May 2016 be a great year for you and your loved ones.

100% of donations will benefit the Children's Home of Poughkeepsie.

Thank you Crystal De Raffele!!