BGS3

The federal government enacted H. R. 3648, the Mortgage Forgiveness Debt Relief Act, to aid stem the tide of foreclosures by removing the tax burden resulting from debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with short sales. H. R. 3648 has been extended through 2012 under The Emergency Economic Stabilization Act, H. R. 1424. The Obama Administration has continued to pursue the foreclosure problem with the Financial Stability Plan that assists homeowners and lenders find solutions and alternatives to foreclosure.