Congress will quietly give homeowners their ceremonial Yule log this week that could save them on a massive tax bill. Roy explains more in the following video. The Ultimate Gift Congress Gives Homeowners.
The Mortgage Debt Forgiveness Act, a bill to prevent homeowners from being forced to pay taxes on forgiven mortgage loan debt is set to expire in 2015 is getting a hall pass possibly until 2016.
The bill, waiting for President Obama to sign into law states that any mortgage forgiveness achieved in a short sale, foreclosure or loan modification would have been counted as income for homeowners where banks allowed them to sell their homes for less than the amount of their mortgage during 2015.
Get ready to deck the halls and cheers from our family to yours this Holiday Season.
In the Trenches,
Roy Oppenheim, Oppenheim Law
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