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Congress Will Not Renew Mortgage Debt Forgiveness Act Through 2017

114th Congress Adjourns Without Passing Tax-Extenders Some Background on the Mortgage Debt Relief Act The 2007 Mortgage Forgiveness Debt Relief Act allowed taxpayers to not include, as income, the discharge or forgiveness of debt on their principal residence. The debt that was forgiven or discharged through foreclosure, mortgage modification, a short sale or a deed […]

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mortgage-debt-relief-act

2007 Mortgage Debt Relief Act and Tax Implications in a Short Sale and Foreclosure

2007 Mortgage Debt Relief Made Retroactive The Mortgage Debt Relief Act of 2007 was put in place to assist homeowners who had debt forgiven, cancelled or discharged in regards to a short sale or foreclosure or who had their mortgage reduced through some kind of restructuring (loan modification) on their PRINCIPAL RESIDENCE. So this Act […]

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