The mortgage debt relief act of 2007 was slated to expire December 31, 2012, at the 11th hour congress extended it through 2013. That means countless homeowners doing short sales and loan modifications will not have to pay ten's of thousand in taxes on the amount of forgiven debt. This will give the our struggling economy a shot in the arm going forward in  2013. 

Back in November there were 41 State Attorney generals wrote letters urging the house and senate to extend the bill and as of today it will be extended, "Great News".

Posted by David Hughes on
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