Extending Mortgage Debt Relief through 2014
Author: Kevin Cloutier
Written On: Tue, 27 Nov 2012
Dear Mr. Cloutier:
Thank you for contacting me regarding mortgage debt relief. As Florida continues to recover from an astounding level of foreclosures, I have worked with my colleagues in the Senate to mitigate the effects of the housing crisis for homeowners.
I am a cosponsor of S. 2250, the Mortgage Forgiveness Tax Relief Act. This legislation would allow the cancellation of mortgage debt on a principal residence to be excluded from a taxpayer's taxable income through calendar year 2014. In the 110th Congress, I cosponsored a similar measure, which was signed into law in 2010 (P. L. 110-142), that allowed the cancellation of mortgage debt on a principal residence to be excluded from taxable income through calendar year 2012.
While Congress is working to make sure responsible homeowners who engage in short sales do not face a tax bill, we also must educate struggling homeowners about shady outfits claiming to offer financial assistance. I am pleased that the Federal Trade Commission set up a website to help homeowners avoid scams and predatory business practices. To learn more, please visit the following website: www.ftc.gov/YourHome
I appreciate hearing your views. Please don't hesitate to contact me in the future.
P.S. From time to time, I compile electronic news briefs highlighting key issues and hot topics of particular importance to Floridians. If you'd like to receive these e-briefs, visit my Web site and sign up for them at http://billnelson.senate.gov/news/ebriefs.cfm