The Mortgage Forgiveness Debt Relief Act and Debt Cancellation was created to offer Tax Relief to Owner-Occupant Homeowners that Short Sell their homes and receive a deficiency waiver from their lender. Without extension of this Act, Americans that short sell are required to pay the IRS thousands (sometimes tens of thousands) of dollars in taxes because the IRS treats the forgiven debt as earned income. The Nation's Real Estate Market will be devastated by the expiration of this Act and the millions of Americans already facing the devastation of losing their homes through a short sale (short payoff) due to financial hardship are then saddled with more debt and burden. Let the President know we support Bipartisan Extension of The Mortgage Forgiveness Debt Relief Act and Debt Cancellation.
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