Friday, February 15, 2013
Mortgage Debt Relief Act Extended!
The Mortgage Debt Relief Act ("MDRA") enacted in 2007 was
scheduled to expire December 31, 2012. In the "fiscal cliff"
legislation just enacted by Congress, however, the MDRA has been extended until
December 31, 2013. Therefore, after a foreclosure or a short sale of a
home in Arizona, any debt forgiveness of a mortgage loan used to purchase or
improve the home will continue to not be taxable income.
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