Mortgage Forgiveness Act may be extended

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August 11 2012- Kenneth Harney- Washington Post Writers Group

Housing:  Reprieve in the works for distressed owners

Here's some encouraging news for financially stressed homeowners across the country: The Senate Finance Committee approved a bipartisan bill before heading home for summer recess that would extend the Mortgage Forgiveness Debt Relief Act 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 owners who go through foreclosure or leave their homes after short sales would experience even more financial stress.

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