The Extension of the Mortgage Debt Forgiveness Tax Relief needed for the 2014 "lame duck" session of congress.
My views are this... if a distressed homeowner is in a position of losing their primary home due to foreclosure - and can sell the home by means of an approved "short of the payoff", from the lender/investors, (called a SHORT SALE).... then why must the homeowner pay tax on a "phantom income" from the forgiven debt?
These families are already in stress of some type, or they would not be losing the home. It might be medical, it might be a job loss, or a death. If this vote on H.R. 2994 is not scheduled, then these homeowners will let their home go into foreclosure. Foreclosed homes are worse on the economy, the neighborhoods, communities and the lending institutions.
Please urge your representative and senators in Congress to extend this tax relief. This provision will keep our neighborhoods and communities from the derelict effects of a foreclosure versus a short sale.