Thursday, May 3, 2012

What is the Mortgage Debt Relief Act?

It's set to expire, but some legislators are working to extend the 2007 act. DSNews.com has more.
[T]hrough the Mortgage Debt Relief Act of 2007, homeowners get a break from paying taxes on their forgiven debt – whether it was forgiven through a short sale, foreclosure, or a modification. The act though, is set to expire at the end of this year.