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.