Our National Association of Realtor President Maurice Veissi is urging all the Realtor to take aciton to extend the Mortgage Tax Relief Act which is about to expire on Dec 31st 2012.
Here is some information I received via an email:
"Despite some positive signs of recovery, our nation’s real estate market is still fragile. Over a quarter of all transactions still involve distressed properties. That is why you must take action now and tell Congress to extend Mortgage Forgiveness Tax Relief.
Without an extension, families engaged in loan modifications, short sales, or foreclosures will face a big tax bill. Neither consumers nor the housing market need that added burden. Homeowners shouldn’t be forced to pay a tax on money they’ve already lost with cash they never received.
The REALTOR® Party needs you to tell Congress to complete their unfinished housing related business when they return to Washington, DC after the election. We need no new obstacles that might throw the housing recovery off track. It is time to pass an extension of Mortgage Forgiveness Tax Relief. Please take action today. "
By extending this Tax Relief Act, it will help a lot of homeowners who are already in distress.