Posted by: Marvin Remmich | January 3, 2013

Mortgage Debt Relief Act Extended for Another Year

Struggling homeowners who are considering a short sale or modification will be eligible for tax relief in 2013. The “fiscal cliff bill” passed by Congress on January
1 included a provision to exclude borrowers from paying taxes on debt forgiven
through a short sale, foreclosure, or loan modification. Known as Mortgage Debt
Relief Act of 2007, the act was scheduled to expire December 31, 2012, but
received an extension for another year.

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