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MORTGAGE FORGIVENESS DEBT RELIEF ACT UPDATE

As we have reported before, Congress has yet to renew the Homeowners Relief Act which provided a tax break on mortgage forgiveness obtained through short sale, foreclosure, or principal reduction.  It now appears that Congress will extend the Act after the November elections, making it retroactive for all of 2014.  However, it is unclear if it will be extended through 2015.  If it is not, homeowners wishing to make changes to their underwater mortgages should consider doing something right now.

TO TAKE ACTION NOW , contact your LasVegasHomeSpecialist at info@lasvegashomespecialist.com or 702-401-2349.

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