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.
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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.
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