Posted To: MND NewsWire
Three financial services and consumer advocacy groups have joined to send letters to the House and Senate urging them to preserve the temporary tax exemptions for forgiven debt . The Financial Services Roundtable, the Center for Responsible Lending, and the Housing Policy Council sent the letters Wednesday to the chairs and ranking members of the House Committee on Ways and Means and the Senate Committee on Finance. The groups are petitioning for an extension of The Mortgage Forgiveness Debt Relief Act which is due to sunset on December 31. The legislation was originally passed in 2007 and prevents homeowners who are underwater on their mortgage from receiving a tax bill if they sell their home through a short sale or receive a loan modification that includes principal reduction. The Senate?(read more)
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