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:
Why does the FTC do nothing about the credit card service scam robocalls?
A: Amendments to the Federal Trade Commission's telemarketing sales rule prohibit companies from charging fees for debt relief before settling or reducing int... 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 I write a debt forgiveness letter?
A: To write a debt forgiveness letter, clearly state the reasons why the request for debt relief is being made, recommends the Credit Counseling Society. For ... Full Answer >Filed Under: -
Q:
How does a homeowner apply for a debt relief loan from the government?
A: A homeowner experiencing financial hardship applies for debt relief loan from the government by filling out the Request for Mortgage Assistance form and se... Full Answer >Filed Under:
You May Also Like
-
Q:
What are some benefits of a Citizens Financial auto loan?
-
Q:
What are the requirements for the K1 fiance visa?
-
Q:
What are credit acceptance dealers?
-
Q:
Where can you get a free copy of your credit report?
-
Q:
What details should you look for on your credit statement?
-
Q:
What is the purpose of a letter of guarantee?
