Mortgage forgiveness act, renewed?

[ilzhoefer]

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.

[DallasLoanGuy]

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

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

[ilzhoefer]

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.

[DallasLoanGuy]

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