topic Mortgage forgiveness act, renewed? in Mortgage Loans

Mortgage forgiveness act, renewed?

ilzhoefer — Wed, 04 Dec 2013 23:25:23 GMT

Hello:

The mortgage forgiveness act is set to expire at the end of the year.

Does anyone know if there are plans to have this law renewed?

Thanks.

Re: Mortgage forgiveness act, renewed?

DallasLoanGuy — Fri, 06 Dec 2013 05:17:25 GMT

are you talking about foreclosure/loan mod/short sales where the irs can go after you for benefitting form the previous mentioned?

are you worried about tax implications of not paying your mortgage?

Re: Mortgage forgiveness act, renewed?

ilzhoefer — Fri, 06 Dec 2013 12:03:28 GMT

Basically since my primary residence was foreclosed on and a 1099-c will probably be issued (keep my fingers crossed), that cancelled debt is sent to IRS and I will have to pay taxes on it, but with the mortgage forgiveness act, I won't since it was my primary residence. So I know 2 bills are in committee that address the debt relief act, but I doubt these bills will get voted on.

I just assume there are still plenty of people dealing with a ss or fc and will be faced with cancelled debt.

Re: Mortgage forgiveness act, renewed?

DallasLoanGuy — Fri, 06 Dec 2013 16:28:44 GMT

havent heard anything about it.... seems like something the current senate would pass in a heartbeat