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The Mortgage Forgiveness Debt Relief Act of 2007 |
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President Bush signed the Mortgage Forgiveness Debt Relief Act of 2007, which will help Americans avoid foreclosure by protecting families from higher taxes when they refinance their home mortgages. This Act will create a three-year window for homeowners to refinance their mortgage and pay no taxes on any debt forgiveness that they receive. Under recent law, if the value of your house declines, and your bank or lender forgives a portion of your mortgage, the tax code used to treat the amount forgiven as income that can be taxed.
This Act increases the incentive for borrowers and lenders to work together to refinance loans and allow American families to secure lower mortgage payments without facing higher taxes. |
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