Mortgage Debt Relief Act Extended

The Mortgage Debt Relief Act ( MDR ) has been reportedly extended through the year 2013. This will serve as great news for any borrowers facing a short sale position on their primary residence. The MDR act may act as protection for borrowers on the potential tax liabilities of the 1099 received due to a deficiency. One should consult with a CPA for information on their potential tax position and liabilities if a short sale is completed on their property. For more information on the Mortgage Debt Relief Act check out our other post here.

* Update 2014 * The MDR Act has yet to be extended into 2014. Please consult with a CPA.

* Update 2015* It was extended retroactively through 2014.

*Update 2017* Click Mortgage Debt Relief Act Pending Bill Information

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