The Mortgage Forgiveness Debt Relief Act of 2007 was extended for 3 more years! The Act now extends through 2012 under the Emergency Economic Stabilization Act.  In addition to calendar years 2007-2009, the Act now includes 2010-2012! Additionally, you should tell your clients to ask their tax attorney or CPA if they might qualify for Canceled Debt & Mortgage Forgiveness under IRS Code 108 (a)(1)(B) Section 1401 - Insolvency exception, aka "Insolvent Debtor Clause" Remember:  Never give tax or legal advice!  Advise your clients or prospective clients to seek the counsel of caring and competent professionals. 

 P.S.  Take a look at Mortgage Workouts, Tax-Free for Many Homeowners

Steve Kitnick

Steven Kitnick Seminars, LLC

www.StevenKitnickSeminars.com