NAILTA Supports Extension of Mortgage Forgiveness Debt Relief Act

The U.S. Senate Finance Committee has approved a bipartisan bill that would extend the Mortgage Forgiveness Debt Relief Act (MDRA) through 2013.  Why is this important? Several reasons: The debt relief law spares homeowners who receive principal reductions on their mortgages from being hit with hefty federal income taxes on the amounts forgiven. Without it, millions of homeowners…