Posts Tagged ‘mortgage debt relief act’
Mortgage Debt Relief Act Extended Through December 31, 2016
Mortgage Debt Relief Act Extended Again The Mortgage Debt Relief Act of 2007 basically provided that no income tax would accrue for the debt relief given to a borrower after a foreclosure or a short sale of a mortgage used to purchase a home or to make improvements on a home. The Act expired…
Read MoreMortgage Debt Relief Act to be Extended Through December 31, 2014
The Mortgage Debt Relief Act of 2007 basically provided for no income tax to a borrower on any deficiency after a foreclosure or a short sale of a mortgage used to purchase a home, or make improvements to the home. The Act expired December 31, 2013. Last week Congress passed, and President Obama…
Read MoreMortgage Debt Relief Extended Another Year
The Mortgage Debt Relief Act (“MDRA”) enacted in 2007 was scheduled to expire December 31, 2012. In the “fiscal cliff” legislation just enacted by Congress, however, the MDRA has been extended until December 31, 2013. Therefore, after a foreclosure or a short sale of a home in Arizona, any debt forgiveness of a mortgage loan…
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