Congress Passes Extension of Mortgage Forgiveness Debt Relief Act

Yesterday, the U.S. Senate passed H.R. 5771, the “Tax Increase Prevention Act of 2014”,  which had been passed by U.S. House of Representatives on December 3, 2014 and is now headed to President Obama’s desk for his approval.  Assuming President Obama signs the act into law, it will be good news for homeowners that sold their homes in a short sale in 2014 or in some other way was forgiven on mortgage debt during this year.  The Tax Increase Prevention Act of 2014 extends the Mortgage Forgiveness Debt Relief Act of 2007 through December 31, 2014 and makes it retroactive to January 1, 2014 so there is no gap in coverage from when the last extension expired.

This falls short of the two year extension the National Association of REALTORS (NAR), among other groups, pushed for which would have covered next year as well, but is at least some relief for those affected this year.  Read the complete article on the extension from last month here.

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