Mortgage Debt Relief Act May Expire!!!!

In 2007, the Mortgage Debt Relief Act was passed in an attempt to help the millions of homeowners who, due to the housing crisis and economic crash, suddenly found themselves in danger of losing their home to foreclosure.

The act has helped many distressed homeowners find solutions to avoid foreclosure and opened up options to them that were previously unavailable.

The Mortgage Debt Relief Act, however, was only intended to be a temporary solution and is now set to expire at the end of 2012. While there is a bill in Congress that could extend the act, it is unclear whether it will pass. In the mean time, homeowners who wait to take advantage could find themselves saddled with thousands of dollars in tax liability.

If anyone you know may need [deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]


Sincerely

Todd Lemoine
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October 29 2012 - Dacula
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more will be made clear after the election...

Romney being a Bush man would extend many of the tax cuts currently in place

The Mortgage Debt Relief Act was put in place by Bush so it's difficult to determine what Obama would do if reelected.

From what I read, short sales are part of FHFA's five year plan through 2017

when one is insolvent at the time of the short sale there is no tax liability
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October 29 2012
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This was always a ill conceived law and it's time home buyers/sellers recognize that buying home does not mean you can always sell the home without loosing money - homes go up and down in value.
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October 29 2012
 
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Mortgage Debt Relief Act May Expire!!!!
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October 29 2012 | 2 answers
Dacula Market
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