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Mortgage Debt Cancellation Relief

NAR supports an exclusion from taxation of the "phantom income" generated when all or a portion of a mortgage loan is forgiven.

August 3, 2012
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 Dec. 31, 2013.
May 24, 2012
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.
April 2, 2012
Three bills have been introduced by members of the tax-writing committees that would extend the 2007 mortgage cancellation relief that is currently scheduled to expire at the end of 2012.
February 15, 2012
In the 6-minute video, NAR Director of Tax Policy Linda NAR Director of Tax Policy Linda Goold talks about the hurdles facing extension of the popular mortgage cancellation law designed to help hard-hit home owners.

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