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2012-02-24 17:36:55
Mortgage Debt Forgiveness Act Expires End of 2012

WARNING! Financial Relief of Homes May Be Put To Rest!

One of the most popular laws for underwater home owners

is set to end the last day of this year, 2012. As of today the NAR expects to make a strong push to extend the law, because the law will likely be needed in the years to come as lenders undertake more loan modifications for home owners hit hard.

The law is mortgage cancellation relief and was first passed in 2007 with NAR having a huge role as industry supporter.  What it does is relieves home owners while they get a portion of their mortgage loan forgiven from having to pay tax on the forgiven portion of the loan. 

Normally, the IRS would count that forgiven loan amount as income. But in regard to those home owners hit hard in the market turn down, it was unrealistic to expect those households to pay tax on tens of thousands of dollars of forgiven debt when they don't have the money to pay their mortgage without modification. 

I think it is safe to say many members of Congress want to lengthen the relief.  In 2009 it had already been extended once.

According to NAR Director of Tax Policy Linda Goold, the challenge could be finding a legislative vehicle that can make it through Congress.  Goold says trillions of dollars in tax provisions are ending this year.  Little room for alternative approaches are left as bills for extending expiring tax provisions in the past have tended to be the last pieces of legislation Congress considers before the end of the session.

All of these expiring provisions tend to get considered as a big package, so mortgage cancellation relief could get snagged if this larger tax package gets held up.

 

LINDA SECRIST - LINDA SECRIST & ASSOCIATES - EVERYTHING THEY TOUCH TURNS TO SOLD!



 

 
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