New Bill Passed By Congress Makes Short-Sales Much More Appealing

If you're a home owner facing foreclosure or thinking about negotiating a "short-sale" with your lender, Congress just made things a little easier for you. Congress just passed legislation called the Mortgage Forgiveness Debt Relief Act (HR 3648), which opens up a three-year window during which homeowners who end up in foreclosure or negotiate a short-sale won't have to pay taxes on up to $2M of forgiven debt. The Mortgage Forgivness Debt Relief Act changes the current law, which states that home owners are to be taxed on forgiven debt.

President Bush is set to sign off on the bill shortly putting the bill into effect in the beginning of 2008.

Comments

[Ray Balderas]

Has President Busch signed on the following legislation
Mortgage forgiveness Debt relief act HR3648?
Thank you..Ray Balderas

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