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Mortgage Cancellation Relief
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Fears over the expiration of a tax break for mortgage debt sent home owners scrambling to complete short sales by the end of the year. But a one-year extension came just in time for them.
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On Jan. 1 both the Senate and House passed H.R. 8, legislation to avert the “fiscal cliff.”
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On Jan. 1 both the Senate and House passed H.R. 8, legislation to avert the “fiscal cliff.” The bill was signed into law by President Barack Obama on Jan. 2.
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The Mortgage Forgiveness Debt Relief Act of 2007 is days from expiring, potentially having a "chilling effect on home owners considering a short sale," housing analysts say.
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Extending tax relief on debt forgiveness is "a high priority," HUD Secretary Shaun Donovan said.
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Tell Congress to extend Mortgage Forgiveness Tax Relief, or families engaged in loan modifications, short sales, or foreclosures may face a big tax bill.
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"For many Americans, housing is still a crisis, and they are anxiously waiting for solutions," RE/MAX chairman Dave Liniger wrote to the presidential candidates.
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Short sales are growing in popularity, but that may soon change. The Mortgage Forgiveness Debt Relief Act and Debt Cancellation is expiring at the end of the year, which could make more home owners think twice about doing a short sale.
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The Senate Finance Committee has crafted and sent to the full Senate a package that would extend the mortgage relief provision for an additional year, through December 31, 2013.
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A law enacted in December 2007 provides relief to troubled borrowers when some portion of mortgage debt is forgiven. That relief expires on Dec. 31, 2012. Use this information to better understand mortgage debt cancellation.