The Jan. 1 fiscal cliff package included an extension of theMortgage Forgiveness Debt Relief Act of 2007, which expiredDec. 31.
|With the continued tax break, homeowners who experience a debtreduction through mortgage principal forgiveness or a short saleare exempt from the requirement to report it as income on federaltaxes.
|The law, which was passed in 2007, was extended one year and nowexpires Jan. 1, 2014.
|“We are pleased Congress passed this extension as part of thefiscal cliff package. This action will continue to make iteasier for credit unions to work with distressed homeowners to findoutcomes short of foreclosure,” said NAFCU Vice President ofLegislative Affairs Brad Thaler.
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