Question Details

Jose L Rodri…, Real Estate Pro in LAS VEGAS, NV

Major Urgency, We need an Extension on the Mortgage Debt Relief Act of 2007.

Asked by Jose L Rodriguez, LAS VEGAS, NV Wed Sep 26, 2012

Imagine how stressful it will be for a homeowner to have to pay $30,000 or $50,000 on a house sold in 2013 in their taxes the following year? Sellers don't realize that if congress does not sign an extension the end of this bill is going to be the end of many families financially. So far, President Obama has proposed an extension since February 12 but no one else is talking about it in Washington. If anyone has heard any new information please let us know where can we read or find out thru articles, news, blogs, posts.... anything?

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Last I heard congress left town without passing the extension. They promised to pass it when they returned until Dec 31, 2013. We need to find out when they are returning and bombard them with phone calls and letters. This is ridiculous. I had a client who cancelled their short sale when they learned they were not eligible for the tax relief, and their tax liability would be close to $60,000. It's not so bad in the rural areas, but in the metropolitan areas, where home prices are quite high, the tax liability can be enormous! And, personally, I'd like to know what idiot decided that forgiven debt was the same as income! REALLY? Talk about kicking people when they're down. The whole concept ought to be abolished!
0 votes Thank Flag Link Wed Sep 26, 2012
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