Q:
What is the mortgage debt relief act extension?
A:
Quick Answer
The Homeowners Debt Relief Extension Act of 2014 seeks to extend the exclusion of forgiven mortgage debt from taxable income for financially underwater homeowners. The Act exempts qualified homeowners from paying taxes on cancelled debt of up to $2 million resulting from foreclosures, short sales or loan modifications.
Continue ReadingFull Answer
Realtors and lenders see this act as crucial for the growth of the real estate market. As of September 2014, reports indicate that the delay by Congress in passing the bill is causing negative ripples in the housing market. The extension of this act is estimated to cost up to $5.4 billion over 10 years.
Learn more about Credit & LendingRelated Questions
-
Q:
What are some services of American Debt Mediators?
A: Dallas, Texas-based American Debt Mediators, LLC provides debt relief services, according to the Better Business Bureau. American Debt Mediators began doin... Full Answer >Filed Under: -
Q:
What kind of free debt help is available?
A: Many credit counseling services offer free materials and workshops relating to debt and debt relief, explains the Federal Trade Commission. Additional free... Full Answer >Filed Under: -
Q:
What are some tips for resolving debt problems?
A: Some tips for resolving debt problems include making a budget, seeking help from debt relief services, contacting creditors to work out a modified payment ... Full Answer >Filed Under: -
Q:
How do you apply for a debt relief grant?
A: To apply for a debt relief grant, use a computer and the Internet to identify the grant at a government website, such as Grants.gov, and write a proposal. ... Full Answer >Filed Under:
You May Also Like
-
Q:
How do you apply for a Community Bank credit card?
-
Q:
What are the terms of Best Buy credit card payments?
-
Q:
How do you apply for a Ross Department Store credit card?
-
Q:
How do you update your credit card information on the I-Pass website?
-
Q:
How do you redeem Barclaycard rewards?
-
Q:
Is prune juice good for constipation relief?
