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Congress Should Extend the Mortgage Forgiveness Tax Relief Act

December 19, 2013

Washington, DC -The National Association of Attorneys General (NAAG) is urging Congress to extend the Mortgage Forgiveness Tax Relief Act through at least 2014 in order to continue to help financially-strapped homeowners. This tax relief is critical to the ongoing recovery of the housing market, according to a NAAG letter signed by 42 state and territorial attorneys general and sent today to congressional leaders.

The Act expires on Dec. 31, 2013. If it is not extended, struggling homeowners, even those who lose their home to foreclosure, will be forced to pay taxes as income on any mortgage debt that is forgiven by the mortgage holder. Last year, with the urging of state attorneys general, Congress extended this benefit into 2013.

“We’ve made significant headway and seen real results achieved for our citizens through the National Mortgage Settlement and other programs that forgive or cancel mortgage debts through modifications, waivers of foreclosure deficiencies, or short sales,” reads the NAAG letter. “But this assistance will be less meaningful if the very homeowners that receive mortgage debt relief are hit with tax bills they cannot afford.”

The NAAG letter can be found here: http://www.naag.org/sign-on_archive.php.

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The National Association of Attorneys General (NAAG), www.naag.org, was founded in 1907 to help Attorneys General fulfill the responsibilities of their office and to assist in the delivery of high quality legal services to the states and territorial jurisdictions.

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