Mortgage Forgiveness Debt Relief Act Not Extended by Congress

The Mortgage Forgiveness Debt Relief Act has not been extended by our very productive United States Congress and this is going to have a rippling effect on the real estate market and the general economy. This Act has been in place since the beginning of the real estate market’s downward turn in 2007 and has been one vital piece to the turn around of the nation’s real estate market. The Act he made it possible for homeowners facing Foreclosure, Short Sale or Mortgage Modification to exclude the forgiven debt from their calculation of taxable income, saving them thousands, or even tens of thousands of dollars, in taxes that could have been owed. It will be owed at the homeowner / borrowers current tax rate in 2014, unless extended. The idea of extending the Act has bi-partisan support, so the question I have got to ask is why won’t either side bring it to a vote and get this extended. I am not an advocate of governmental intervention in the private affairs / business of the free market but this is one area that they need to intervene. If you have any questions or comments email me at Collier@MegaAgents.com, visit my blog at www.CollierSwecker.com or my website at www.MegaAgents.com.

Mortgage Forgiveness Debt Relief Act Not Extended by Congress

About Collier Swecker

Collier Swecker is a licensed real estate broker, attorney, blogger, speaker and entrepreneur. He is the founding partner of the Mega Agent Real Estate Team at RE/MAX Advantage which ranks as one of the top selling real estate teams in Alabama. Collier also acts as a business and marketing consultant for small business start-ups.

Collier graduated from Auburn University (B.A., 1998), Cumberland School of Law (Juris Doctor, 2002) and Washington University School of Law in St. Louis (Masters of Law in Taxation, 2003). Collier was the principal partner of the law firm Swecker and Sparks LLC for 3 years before leaving the law practice for real estate development and sales.

Collier is a native of Yorktown, Virginia and currently resides in Birmingham, Alabama with his wife, Amanda Capps Swecker. Collier & Amanda are the proud parents to a beautiful daughter, Julia Abigayle. They have one dog named Kramer.

Comments

  1. Hey Reggie! I know that Congress has added the extension to a bill that is going through Congress but as of yet that bill or any other bill that contains the extension has been passed. Congress passes so many laws that have little effect on most people, but this is something that affects everyone because of the overall effect on the economy.

  2. Hey just viewed your blog from 3 Jan 2014 and was wondering had their been any further possibilities of extensions, changes, or addendums to the Mortgage Debt Forgiveness Act by Congress, thus far to date as of 12 May 2014??? Thanks for your time! Reggie of Las Vegas NV.

Speak Your Mind

*