Blog Archives

MORTGAGE DEBT FORGIVENESS RELIEF – PROPOSED EXTENSION

MORTGAGE DEBT FORGIVENESS RELIEF – PROPOSED EXTENSION

HAPPY NEW YEAR!!!! In the early morning hours on January 1st, 2013, an extension of the Mortgage Debt Relief Act of 2007 was passed by the Senate and many are hopeful will also be passed in the House by today. The legislation dealt with many issues, but relevant here is the amendment they made to the 2007 Act by striking the expiration date of “January 1, 2013” and inserting “January 1, 2014”. Without this extension, any debt forgiven by a lender due to a short sale, modification, or deficiency waiver would be considered taxable. Read the rest of this entry

National Flood Insurance Program Extended Five Years

Title Junction wants to keep the community aware of any new or updated laws that Congress passes and as of June 29, 2012, they extended the National Flood Insurance Program. Read the rest of this entry