NAILTA Supports Another Extension of the MDRA Until 2015

NAILTA supports another extension of the Mortgage Forgiveness Debt Relief Act (MFDRA) through 2015.  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 who go through foreclosure or leave their homes…

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…