Urge Congress to pass legislation extending tax relief for residents who have mortgage debt canceled or forgiven because of financial hardship or a decline in housing values.
Such legislation is currently included in Section 112 of the Family and Business Tax Cut Certainty Act of 2012 (S. 3521), which was passed out of the Senate Finance Committee with bipartisan support on August 28, 2012.
Extend this critical tax exclusion, which expires on December 31, 2012, so that distressed homeowners can achieve foreclosure alternatives without getting stuck with an unmanageable tax bill.
Fewer foreclosures will stabilize the housing market and the country's economy.