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Mortgage industry fares well in fiscal cliff deal, debt forgiveness law survives

Many credit the Mortgage Forgiveness Debt Relief Act for much of the housing industry’s recovery in Arizona and throughout the country. Under the IRS Tax Code, debt cancellation or debt forgiveness, such as mortgage forgiveness in a short sale, is considered regular "income" for the.

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The mortgage industry can breath a sigh of relief with the final fiscal cliff deal bringing back a The law now applies to fiscal years 2012 and 2013. "The law dictates that eligible borrowers who itemize One of the more watched provisions of the fiscal cliff was the Mortgage Forgiveness Debt Relief.

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The debt ceiling debate heats Up: What Will Happen Two Months Down the Road. By giving in at the last minute on the fiscal cliff, Republicans indicated they would rather fight it out this Indeed, the law adds about $4 trillion to the national debt over the next ten years, according to the Congressional.

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Servicers shares rise after strong JPM, Wells Fargo earnings Some of the country’s biggest banks saw their share prices surge after their quarter 1 earnings beat analysts’ expectations. Shares of JPMorgan chase rose 4.1 percent after it reported a 5.

The Mortgage Forgiveness Tax Relief Act helped people whose houses lost value during the crisis to use short sale and avoid bankruptcy. Since one of the goals of the fiscal cliff negotiations is to raise money, extending this tax break might be a hard sell. How Did the Mortgage Forgiveness Tax Relief.

31. The fiscal cliff deal extends it for another year, meaning homeowners who experience a debt reduction through mortgage principal forgiveness or a short sale are exempt from being taxed on the forgiven amount. "The amount extends up to $2 million of debt forgiven on the homeowner’s.

The Mortgage Forgiveness Debt Relief Act was introduced in the United States Congress on September 25, 2007, and signed into law by President George W. Bush on December 20, 2007. This act offers relief to homeowners who would have owed taxes on forgiven mortgage debt after facing.

The fiscal cliff deal preserves the Mortgage Forgiveness Debt Relief Act, while also bringing back a popular tax break 1 is one that leaves room for hope in the housing market. The American Taxpayer Relief Act of 2012 apparently extends a law that expired at the end of 2011, which allowed for the.

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