Mortgage Forgiveness Act Extended To Dec. 2013

Congress has good news for homeowners in the new year: As part of the fiscal cliff resolution, the Mortgage Forgiveness Debt Relief Act has been extended through December 31, 2013.  This means struggling homeowners who are considering a short sale, foreclosure or modification will see another year of tax relief.

Without an extension, homeowners who completed short sales or mortgage modifications may have faced tax bills in the tens of thousands of dollars. Some industry officials feared that would hurt the housing recovery.

Here is a link to more details.