BCC calls for extension of Mortgage Forgiveness Debt Relief Act
WASHINGTON, D.C. – January 24, 2014 – (RealEstateRama) — Boston Community Capital’s (BCC) SUN Initiative has prevented the eviction of over 450 families facing foreclosure across Massachusetts and Maryland. BCC also advocates for policies that benefit low-income homeowners who are impacted by predatory lending and foreclosure.
Boston Community Capital recently called attention to the expiration of the Mortgage Forgiveness Debt Relief Act, a law that provides a tax break to homeowners when portion of debt is forgiven through a loan modification, short sale, or foreclosure. Without this act, homeowners would face a tax bill for the savings realized through any form of mortgage debt relief.
BCC CEO Elyse Cherry spoke with Housing Wire reporter Kerri Anne Panchuk about the impact that failure to extend the Mortgage Forgiveness Debt Relief act will have on homeowners noting that “if the extension doesn’t get passed then anyone who goes through a principal reduction in 2014 will be impacted.”
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