Heck Introduces Mortgage Forgiveness Tax Relief Act to Help ...

WASHINGTON, DC - July 24, 2013 - (RealEstateRama) -- With Las Vegas and the state of Nevada still struggling to reverse the devastating effects of the housing crisis, Congressman Joe Heck (NV-03) today introduced legislation that would help homeowners who are underwater on their mortgage. The Mortgage Forgiveness Tax Relief Act ensures underwater homeowners are not subjected to additional income taxes if a portion of their mortgage is forgiven. Homeowners who undergo a mortgage refinancing or "short sell" their home would be required to pay an additional income tax on the difference between the homes original value and the current value. However, Rep. Heck's bill would prevent that sum from being taxed as income because the homeowner never actually receives that money

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• Waters Responds to Committee Passage of Bill to End Affordable 30-Year-Fixed Rate Mortgage
  WASHINGTON, D.C. - July 25, 2013 - (RealEstateRama) -- Today, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee released the following statement in response to committee passage of the inaptly-named ?Protecting American Taxpayers and Homeowners Act? or ?PATH Act? (H.R. 2767). H.R. 2767 is a Republican bill that would unwind Fannie Mae and Freddie Mac and remove any government support from the secondary mortgage market. However, because the bill would remove a government guarantee, it would end the affordable 30-year fixed rate mortgage and have negative impacts on the middle class, community banks and credit unions, the housing market, and America?s taxpayers

• Udall Presses VA to Not Penalize Veterans Who Lost Homes in Colorado Wildfires on Mortgage, Refinancing Fees
  WASHINGTON, D.C. - July 25, 2013 - (RealEstateRama) -- Mark Udall, who serves on the U.S. Senate Armed Services Committee, urged the U.S. Department of Veterans Affairs in a letter today to reimburse financing fees charged for VA-backed home loans to veterans who lost their homes in the Waldo Canyon and Black Forest Fires. Udall sent the letter after learning of a constituent who paid thousands of dollars in non-reimbursable fees for a VA-backed home refinance loan only to lose his home a few months later in the Black Forest Fire. Under current policy, he and other VA beneficiaries may be required to pay additional fees when using a VA loan to purchase a replacement home.

• Perlmutter Fights to Maintain Affordable 30-year Fixed Mortgages
  WASHINGTON, D.C. - July 25, 2013 - (RealEstateRama) -- Today, House Financial Services Committee Republicans rushed through passing a radical a housing finance plan (PATH ACT) that could force homeowners into risky and exotic mortgages, gut protections for homebuyers, and end the 30-year fixed rate mortgage. U.S. Rep. Ed Perlmutter (CO-07), a member of the House Financial Services Committee called this measure a "Path to Nowhere" and voted against the measure in committee. The Republican plan would significantly raise the price of homeownership while at the same time eliminate many affordable housing programs.

• Lynch Votes Against Bill to End the Affordable 30-Year Mortgage
  WASHINGTON, D.C. - July 24, 2013 - (RealEstateRama) -- Today, Congressman Stephen F. Lynch (MA-08) issued the following statement after voting against H.R. 2767, the so-called Protecting American Taxpayers and Homeowners (PATH) Act, a Republican bill to privatize the mortgage finance market

• Heck Introduces Mortgage Forgiveness Tax Relief Act to Help Underwater Homeowners
  WASHINGTON, DC - July 24, 2013 - (RealEstateRama) -- With Las Vegas and the state of Nevada still struggling to reverse the devastating effects of the housing crisis, Congressman Joe Heck (NV-03) today introduced legislation that would help homeowners who are underwater on their mortgage. The Mortgage Forgiveness Tax Relief Act ensures underwater homeowners are not subjected to additional income taxes if a portion of their mortgage is forgiven. Homeowners who undergo a mortgage refinancing or "short sell" their home would be required to pay an additional income tax on the difference between the homes original value and the current value. However, Rep. Heck's bill would prevent that sum from being taxed as income because the homeowner never actually receives that money

• Governor Quinn Announces Major Progress Helping Families Stay in Their Homes Through Hardest Hit Program
  CHICAGO, IL - July 22, 2013 - (RealEstateRama) -- Governor Pat Quinn today was joined by U.S. Department of the Treasury officials to announce the success of his Illinois Hardest Hit Program and urge homeowners to apply for up to $35,000 in mortgage payment assistance by Sept. 30 when the program ends. Since taking office in the midst of the worst recession since the Great Depression, Governor Quinn has worked hard to keep Illinois families in their homes. In the last year, properties in foreclosure have dropped to 73,688, a nearly 29 percent decrease from last year, and the downward trend continues in Illinois

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Source: http://states.realestaterama.com/2013/07/24/heck-introduces-mortgage-forgiveness-tax-relief-act-to-help-underwater-homeowners-ID024610.html

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