Mortgage Forgiveness Debt Relief Act of 2007
Placer Title Company of Redding was nice enough to bring by a flyer on the newly passed “Mortgage Forgiveness Debt Relief Act of 2007”. For those home owners out there that either have or are getting ready to face a mortgage rate increase due to an adjustable rate mortgage you will want to get more information on this program. On December 20, 2007, President Bush signed this act into law which gretly reduces the negative tax implications of a short sale if the debt being forgiven meets certain criteria. The new act will increase 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. Click the image below to view the flyer.