Mortgage Debt Relief Act Extension 2014

The mortgage debt relief act extension 2014 was approved by the U.S. House Of Representatives today on December 3rd, 2014. This will protect homeowners from being liable to pay taxes on the 1099 for the deficiency amount when they complete a short sale on their primary residence. The bill extends the MDRA through 1 January 2015 and is retro active to 31 December 2013. This bill is pending to be signed off on by the U.S . Senate and then President Obama, but this news shows that we have took the next step in the right direction. If tax liabilities can be avoided this would greatly benefit the majority of distressed homeowners throughout the nation. Hopefully this bill will be extended into 2015 as well for the millions of homeowners still in need.

For assistance on completing a short sale or settlement of any difficulty, please fill out the form below.

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