Will Mortgage Forgiveness Debt Relief Act Be Extended? Buford Dacula Atlanta Short Sale Home owners need to act NOW
The Roland Lorans TEAM believes the Mortgage Forgiveness Debt Relief Act of 2007 will be extended past its current expiration scheduled for the end of the year. As a reminder, the legislation ensures that homeowners who received principal reductions or other forms of debt forgiveness on their primary residences do not have to pay taxes on the amount forgiven.
The reason this act is important in todayâ€™s housing market is that, without the act, debt reduced through mortgage modifications or short sales qualifies as income to the borrower and is taxable. If the legislation is not extended, then it would require homeowners to complete a short sale or modification prior to yearâ€™s end in order to avoid a tax consequence.
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