Congress has begun its “Lame Duck” session with a big list of unfinished business items. Number 1 on my list is an extension of “The Mortgage Forgiveness Tax Relief Act.”
This bipartisan legislation would extend an expired provision that has helped millions of distressed American families (and dozens of our short sale clients) by allowing tax relief for homeowners when lenders forgive a portion of their mortgage debt.
Today’s housing market is finally recovering. However, there are still many homeowners unable to meet their mortgage obligations.
Estimates show that about 5.3 million homes are still under water. In addition, there are still more than 1 million homes in the process of foreclosure. Many of these over 6 million homeowners could greatly benefit from completing a short sale.
If “The Mortgage Forgiveness Tax Relief Act” is not enacted, hundreds of thousands of American families who did the right thing by short-selling their home or received a much needed loan reduction from their lender will have to pay income tax on “phantom income.” And millions more will not be afforded the opportunity to exit a very difficult situation with dignity.
Urge your Member of Congress and Senators to act on “The Mortgage Forgiveness Tax Relief Act” before the end of 2014 and help provide certainty for struggling homeowners and stability for our nation’s housing markets.
Click HERE for our Mortgage Debt Cancellation and Relief Q and A
Call me on my direct line if you have any questions regarding the above or if you’d like to meet so we can discuss your situation.
Steve Jackson 561.602.1258
