Great article summing up present situation regarding the Mortgage - TopicsExpress

Great article summing up present situation regarding the Mortgage Debt Forgiveness Act. As I said this Act really deals with the tax implications of a short sale or modification. The Act has yet to be extended leaving borrowers and lenders in unknown territory. We calculate this uncertainty will affect up to 2 million borrowers who are seriously delinquent or in foreclosure, many of whom will lose their homes, and as many as 1.4 million more who could potentially benefit from loan modifications that include principal reductions. Message to congress: Pass the Mortgage Debt Forgiveness Act Extension

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