Not passing H.R.1002 before the 2015 year ends will be catastrophic for Americans that foreclosed, short sold, or received help to afford their “underwater” home with a principal reduction. H.R.1002 is merely an extension of the Mortgage Debt Relief Act of 2007 which applied to debt forgiven in calendar years 2007 through 2014. If H.R.1002 is not passed, Americans that struggled to make mortgage payments will be required to pay a heavy tax burden because the mortgage forgiveness will be taxed as personal income!
Why is this important?
The largest civil settlement with a single entity in American history that happened August 2014 outlined mortgage forgiveness be given to those hurt by Bank of America. According to the Dept. of Justice settlement, Bank of America will be given $2.00 in credit for every $1.00 forgiven in tax relief.
Passing H.R.1002 will demonstrate that the U.S. Government serves the interests of the American people and not just the interests of the banks!
