What the Mortgage Forgiveness Debt Relief Act means for you

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Mortgage Forgiveness Debt Relief Act In the past, homeowners using short sales or deeds in lieu of foreclosure were required to pay tax on the amount of their forgiven debt. However, the Mortgage Forgiveness Debt Relief Act of 2007 (H.R. 3648) changes this for certain loans. This Act, which has been extended through 2012, allows… Read more »