Call for Action

Urge the Senate to Extend Mortgage Debt Forgiveness Tax Relief

The retroactive extension was passed by a vote of 378 yes to 46 no. The United States Senate has not yet voted on the measure. Please urge your Senators to pass the Mortgage Forgiveness tax relief bill now.

The income tax exemption on mortgage debt forgiven in a short sale or a workout for principal residences expired at the end of 2013.  Without immediate action by Congress, distressed homeowners will have to pay tax on “phantom income” from forgiven debt.  Many families have decided not to go through with short sales or seek workouts because of the uncertainty over the status of the waiver.  This is not only unfair but harms families, neighborhoods and communities.  Please urge your representative and senators in Congress to extend this tax relief now.

  • Despite significant market recovery, more than 5 million are still “under water.”
  • Nearly 1 million households are seriously delinquent on their mortgages or in foreclosure.
  • Mortgage debt forgiveness tax relief is vital for these families.
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