Breaking News! Mortgage Debt Relief Act will be extended through 2013 as part of the Fiscal Cliff Deal!

The extension means homeowners now will be excused from paying taxes on forgiven mortgage debt through 2013. The debt relief was set to expire Dec. 31.

This is a huge relief for homeowners who currently or intend to sell their home as a short sale or perform mortgage modifications. Without this extension these sellers may have faced tax bills in the tens of thousands of dollars.

Share this post: on Twitter on Facebook on LinkedIn