mortgage forgiveness act: Will The Mortgage Forgiveness Act Be Extended Until 2015?
- 01/08/14 05:49 AM
Las Vegas, Nevada -- In 2007, Congress passed the Mortgage Forgiveness Debt Relief Act to help people who were down on their luck financially because of the loss of their homes. The tax break was supposed to end in 2009; however, it was extended through Dec. 31, 2013 because many people still needed help. As of today, Congress has allowed the Mortgage Forgiveness Act to expire, even though some states hardest hit by the housing crisis (such as Nevada) are still seeing high foreclosure rates.
Many people have argued that the Mortgage Relief Act should be extended once again; however, … (0 comments)
mortgage forgiveness act: Short Selling Your Home in 2013 Could Save You Thousands
- 01/04/13 04:29 AM
Las Vegas, Nevada -- As part of the fiscal cliff deal, the Mortgage Debt Forgiveness Act of 2007 has been extended for one more year and will now expire on December 31, 2013. The relief act's extension was seen as vital to the recovering housing market. Under normal circumstances, debt forgiven as a result of a short sale or mortgage modification would count as income for tax purposes. For instance, if somebody owes $250,000 on their mortgage and their lender agrees to a $200,000 short sale, $50,000 in debt is forgiven. This would have been taxable without an extension of the … (0 comments)
mortgage forgiveness act: Nevada Short Sale Sellers Celebrate Extension of Mortgage Forgiveness Act
- 01/02/13 05:19 AM
Las Vegas, Nevada -- Congress has given Nevada Homeowners the best New Years gift ever. The late night deal to avert the fiscal cliff included an extension of the 2007 Mortgage Forgiveness Debt Relief Act which was to expire on 12/31/2012. According to the National Association of Realtors, "A number of what lawmakers call extenders are in the bill. Extenders keep in place expiring tax provisions. Of most interest to real estate, the bill would extend mortgage cancellation relief for home owners or sellers who have a portion of their mortgage debt forgiven by their lender, typically in a short sale … (0 comments)
Las Vegas, Nevada -- In 2007, Congress passed the Mortgage Forgiveness Debt Relief Act to help people who were down on their luck financially because of the loss of their homes. The tax break was supposed to end in 2009; however, it was extended through Dec. 31, 2013 because many people still needed help. As of today, Congress has allowed the Mortgage Forgiveness Act to expire, even though some states hardest hit by the housing crisis (such as Nevada) are still seeing high foreclosure rates.
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