Sentences with phrase «mortgage debt forgiveness»

• Mortgage debt forgiveness tax relief: rule that prevents tax liability arising from many short sales or mitigation workouts involving forgiven, deferred or canceled mortgage debt.

This coupled nicely on the governmental side with mortgage debt forgiveness and interest deduction preservation.

• Tax relief for mortgage debt forgiveness was extended another year; providing homeowners tax relief on loan modifications, short sales and foreclosures.

In addition, NAR is leading a coalition of over 20 organizations that is pressing for extension of mortgage debt forgiveness relief and is engaged in a large coalition of commercial real estate stakeholders in pushing for an extension of commercial investment provisions.

The video also looks at why NAR supports the banking reform bill that passed the Senate a couple of weeks ago, why passage of long - term reform of federal flood insurance is just as much about improving communities as it is about continuation of insurance policies, and why Congress needs to make mortgage debt forgiveness relief a permanent part of the tax code.

But in 2007, Congress authorized a two - year provision enabling taxpayers to exclude income from mortgage debt forgiveness on their principal residence.

It's important to know not just the federal rules but what's going on in your state, Thompson says, because a variety of state statutes have been enacted to address foreclosure processing improprieties, taxation of mortgage debt forgiveness, and liability for deficiency balances after a short sale or foreclosure.

In a letter to the Republican and Democratic leaders in both houses last week, three major trade groups — the Mortgage Bankers Association, the National Association of Home Builders and the National Association of Realtors — called for retention of the current deduction, along with mortgage debt forgiveness.

The Mortgage Debt Forgiveness Act of 2007 provides tax relief for homeowners when lenders excuse a portion of their mortgage debt.

This is a relatively new development, enacted originally with the Mortgage Debt Forgiveness Act of 2007 and expanded under 2008 ′ s Emergency Economic Stabilization Act.

The renewal of the Mortgage Debt Forgiveness Tax Relief ensures that this practice will continue for now.

First enacted in 2007 after the housing crisis, the mortgage debt forgiveness exclusion provides substantial tax relief for families whose principal residence has been foreclosed.

Senator Debbie Stabenow (D - MI) has introduced S. 2144, a bill that would make the mortgage debt forgiveness rules permanent.

NAR continues to push for a renewal of the Mortgage Debt Forgiveness Tax Relief Act, which expired at the end of 2014 and waives income tax on mortgage debt forgiven in a short sale or a workout for principal residences.

Mortgage Debt Forgiveness This provision will prevent homeowners who were forced to sell their home through a short - sale last year, or who faced a foreclosure, from being taxed on the «phantom income» they received when a lender cancelled their debt.

NAR is providing the most up to date data on short sales and foreclosures to continue to highlight the mortgage debt forgiveness as a top priority for REALTORS ®.

For talking points and further information on the Mortgage Debt Forgiveness Tax Relief Act, click here.

Mortgage Debt Forgiveness Tax Relief Act NAR has issued a Call for Action to encourage your legislators to extend the Mortgage Debt Forgiveness Tax Relief Act.

In addition, the Mortgage Debt Forgiveness Act which eliminates the tax liability of debt forgiven in a short sale for many borrowers expires at the end of this year.

, a member of the tax - writing Finance Committee, Berenbaum said that «failure to extend the mortgage debt forgiveness tax provisions will reduce the options available to these distressed homeowners» and have «a chilling effect on short sales.»

Moe: What about the extension of the Mortgage Debt Forgiveness Act??? Making the process easier doesn't mean anything to homeowners unless there is a waiver of the tax consequence.

The IRS will not count the amount forgiven by the mortgage holder as income to the seller, thus giving distressed borrowers incentive to sell short rather than default; (2) restored the tax deduction for mortgage insurance premiums that expired at the end of 2011; (3) the mortgage interest deduction untouched; and (4) tax relief for mortgage debt forgiveness was extended another year; providing homeowners tax relief on loan modifications, short sales and foreclosures.

The Mortgage Debt Forgiveness Act isn't a new creation of the current Congress.

This down - to - the - wire extension of the Mortgage Debt Forgiveness Act may be seen as very frustrating and depressing to those home owners who look back to 2014 and think, «I would have done a short sale if I had known I would not have faced that added income tax.»

And of course, there is also the chance that the new Congress will act once again to extend the Mortgage Debt Forgiveness Act so it applies to 2015 short sales.

• Mortgage Debt Forgiveness: homeowners who experienced foreclosure on their primary home may be able to exclude the amount of canceled debt from their taxable income if they meet specific criteria.

The Mortgage Debt Forgiveness Relief Act of 2007 was created when short sales were becoming a new and growing part of the real estate market.