Mortgage Forgiveness Debt Relief Act May Be Extended Through 2013

Mortgage Forgiveness Debt Relief Act May Be Extended Through 2013

Mortgage Forgiveness Debt Relief Act May Be Extended Through 2013

Senate To Vote On Mortgage Forgiveness Debt Relief Act Extension

Stressed out about doing a possible short sale but worried about the year end extension of the Mortgage Forgiveness Debt Relief Act? Worry no longer. Or at least worry less knowing that that the Senate Finance Committee approved a bipartisan bill before heading home for summer recess that would extend the Mortgage Forgiveness Debt Relief Act through 2013.

If Congress extends this act, then it will extend the tax relief to homeowners who do short sales or who receive principal reductions on their mortgages. Without this extension, millions of homeowners who go through foreclosure or who short sale their homes would experience even more financial stress.

The law, which has been crucial to the many homeowners who choose to avoid foreclosure with short sales currently, expires at the end of December. Some Capitol Hill experts predicted that an extension might have trouble making it through the partisan gantlet in an election year.

Extension Of Tax Write-offs For Mortgage Insurance Premiums For 2012 And Through 2013

However with the heavy lobbying by the National Association of Realtors and the National Association of Home Builders, Senate committee scraped together enough votes Aug. 2 to pass the debt-relief extension, The bill which moves to the full Senate for possible action next month, also would extend tax write-offs for mortgage insurance premiums for 2012 and through 2013, and continue some energy-efficiency tax credits for remodeling and new home construction.

With the election coming up in November, homeowners certainly should not count their ax benefits before their hatch as who knows what squabbling will take place in Washington. We definitely know that Bay Area residents need this extension if the region wishes to fight off another wave of foreclosures.

Mortgage Forgiveness Debt Relief Act May Be Extended Through 2013

Mortgage Forgiveness Debt Relief Act May Be Extended Through 2013

Mortgage Forgiveness Debt Relief Act May Be Extended Through 2013

Mortgage Forgiveness Debt Relief Act May Be Extended Through 2013

Mortgage Forgiveness Debt Relief Act May Be Extended Through 2013

Mortgage Forgiveness Debt Relief Act May Be Extended Through 2013

Mortgage Forgiveness Debt Relief Act May Be Extended Through 2013

Mortgage Forgiveness Debt Relief Act May Be Extended Through 2013

Mortgage Forgiveness Debt Relief Act May Be Extended Through 2013

Mortgage Forgiveness Debt Relief Act May Be Extended Through 2013

Mortgage Forgiveness Debt Relief Act May Be Extended Through 2013

Mortgage Forgiveness Debt Relief Act May Be Extended Through 2013

Mortgage Forgiveness Debt Relief Act May Be Extended Through 2013

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4 Comments

Filed under Foreclosure, short sales, Tax Credits

4 responses to “Mortgage Forgiveness Debt Relief Act May Be Extended Through 2013

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  2. Pingback: Limiting Or Removing The Mortgage Interest Deduction | Resource Blog

  3. Pingback: Call To Action For Mortgage Debt Forgiveness Tax Relief Law | Resource Blog

  4. Pingback: Forty-One AGs Sign Letter Urging Congress to Extend Debt Relief Act | Resource Blog

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