The mortgage debt relief act of 2007 will expire at the end of 2012 unless Congress passes an extension by the end of this month.
The act allows delinquent homeowners to avoid paying taxes on mortgage debt that is forgiven by financial institutions through short sales, principal forgiveness, or loan modifications.
The Senate passed a package of tax extension bills including mortgage debt relief last Summer, but the House has yet to consider the bills.
Hellooooo . . . . Congress, anyone home? Time is running out!
Source: DSNews.com article
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