Make the Mortgage Debt Relief Act permanent for homeowners who are underwater on their mortgages and cannot afford to pay a huge tax on the debt they did not have to pay.
Why is this important?
The Mortgage Forgiveness Debt Relief Act of 2007 is due to expire in December of 2012. Even people who have managed to maintain good credit are finding that their homes may be worth as much as one third of their mortgage. We need to make this Act permanent for all those homeowners who are struggling with their mortgages and may ultimately end of losing their homes, thus inccurring a new tax debt for nonpayment of the mortgage of tens of thousandsor even a hundred thousand dollars or more.
