Mortgage Debt Relief is Extended

Mortgage Debt Relief is Extended

Troubled homeowners can breathe a slight sigh of relief as the Mortgage Debt Relief Act of 2007 (or HR 3648 as it was originally introduced) was extended through 12/31/13. 


Although HR 3648 isn’t a blank check for anyone needing tax relief after a lender has forgiven debt through foreclosure, short sale, loan mod, deed in lieu of foreclosure, etc. it does play an important part in aiding homeowners to exclude such debt and often prevents adding insult to injury. 

It’s important to note that HR 3648 is NOT the only remedy for excluding tax liability due to mortgage debt forgiveness. So even if you don’t qualify for this exclusion there could be other options. The earlier you get help the better.

We are not tax or legal experts and are not giving tax or legal advice. If you know someone considering a loan modification, short sale, deed in lieu, short sale or foreclosure they should consult with a knowledgeable tax preparer. As in any industry not all tax specialists are equal. 

If you, or someone you know need assistance, have questions about foreclosure prevention and tax implications please reach us directly. 

The Wise Team


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