This is the letter I got back from one of our Senators regarding the Mortgage Debt Relief Act of 2007 hopefully will be extended through 2014.
Dear Ms. Barbour:
Thank you for contacting me to express your support for an extension of the Mortgage Debt Relief Act. It's great to hear from you.
Making sure every American has access to safe, affordable housing is the first step toward building communities and ensuring hope and opportunity for all Americans. Without the right policies, the effects of foreclosure can be devastating not just to the homeowner, but to their communities and the entire nation.
The Mortgage Debt Relief Act of 2007 allows homeowners to eliminate the tax penalty from d ebt reduced through mortgage restructuring or a foreclosure of their principal residence . This program expires at the end of 2012, but would be extended through 2014 by the Mortgage Forgiveness Tax Relief Act (S. 2250). This legislation is currently pending before the Senate Finance Committee. Knowing of your support for S. 2250 will be helpful to me should it come before the full Senate.