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Sign into your accountExpiration of the Mortgage Debt Forgiveness Relief Act Will Have Little Impact
December 10 2013
This post comes to us from myShortTrack:
Now that the shutdown has passed, and the next 'fiscal cliff' is still a little ways away, the Mortgage Debt Forgiveness Relief Act of 2007 is back in the news. The Act is once again set to expire at the end of this year, after being extended last year. And once again, people are starting to make a really big deal about its expiration.
As I explained last year, it's all a waste of breath. It doesn't really matter if it expires.
People are lining up predicting both its extension and its demise. On the demise side, there is the $1.3 billion/year in uncollected revenues, as projected by the Congressional Budget Office. On the extension side, people point to the $1.3 billion/year tax 'increase' of not extending it and claim that it will destroy the short sale market and borrower participation.
Here's a short (less than two minutes) video describing the reality of the expiration of the Mortgage Debt Forgiveness Relief Act. Let us know if you think it helps make things clearer, and if it's helpful to your sellers and owners facing foreclosure or pursuing a short sale.