NYTimes Calls Attention to Need for Congress to Extend the Mortgage Forgiveness Debt Relief Act
Tuesday, February 4, 2014
Shaila Dewan at The New York Times calls attention to the need for Congress to extend the Mortgage Forgiveness Debt Relief Act in, "Welcome Relief for Homeowners, Then the Tax Bill."
The Mortgage Forgiveness Debt Relief Act provides a tax break to homeowners when a portion of debt is forgiven through a loan modification, short sale, or foreclosure. Without this act, homeowners would face a tax bill for the savings realized through any form of mortgage debt relief.
The bill has yet to be extended to impact homeowners in 2014, and may face some opposition that the exemption is not needed because the housing market is recovering. Dewan spoke with Boston Community Capital CEO, Elyse Cherry, who has continued to call attention to the many homeowners in low and middle-income communities still facing foreclosure.