Mortgage Debt Relief Act Extended News
Folsom Short Sale Agent and Experienced Folsom Short Sale Specialist answers the question: Has the Mortgage Debt Relief Act Been Extended? Here’s some good news for financially stressed homeowners looking for options: Five years ago, Pres. Bush Signed the Mortgage Debt Relief Act of 2007, that would prevent households from having to treat certain types of forgiven mortgage debt as taxable income. Prior to the law being passed, homeowners owed taxes after a short sale, taxes after a foreclosure and taxes on a loan modification. The Mortgage Debt Relief Extension could ultimately affect millions of families who are underwater on their loans, and heading for foreclosure, short sales or deeds-in-lieu of foreclosure settlements and loan modifications. Under the federal tax code,...
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