Mortgage debt relief is crucial for thousands of underwater owners who receive cancellation of a portion of their principal balances from banks in connection with loan modifications, short sales and foreclosures. Without an extension retroactive from Jan. 1, 2014 the home owners would be hit with federal income taxes on the mortgage amounts canceled.
It is evident from past several years that the Mortgage Debt Relief Act has been working and has been the back bone of this economy. We petition the US Congress and Senate to "Extend the Mortgage Debt Relief act through 2015" and help the underwater home owners from additional tax burden and to further strengthen our economy.
Let's extend this act and support the distressed borrowers and the economy.