HR 3648: Mortgage Debt Relief Act

HR 3648 Mortgage Forgiveness Debt Relief Act

HR 3648 Mortgage Forgiveness Debt Relief Act

HR 3648 Mortgage Forgiveness Debt Relief Act
The U.S. Capitol – Courtesy of Kevin McCoy

The Mortgage Forgiveness Debt Relief Act is a law that was passed by the United States Congress in December 2007. Because of the growing economic crisis, including millions of foreclosures around the country, it became necessary for the federal government to intervene. Typically, when a lender forgives part of a debt that is owed, that portion is taxed as income to the borrower. The Mortgage Forgiveness Debt Relief Act allows lenders to forgive that extra amount owed with no adverse financial consequences to the borrower.

Read more: HR 3648 Mortgage Forgiveness Debt Relief Act | eHow.com http://www.ehow.com/facts_4827401_mortgage-forgiveness-debt-relief-act.html#ixzz12poZVZie

VN:F [1.9.22_1171]
Rating: 0.0/10 (0 votes cast)
VN:F [1.9.22_1171]
Rating: 0 (from 0 votes)
VN:F [1.9.22_1171]
Rating: 0.0/10 (0 votes cast)
This entry was posted in Uncategorized and tagged , , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>