As of this morning, the Mortgage Debt Relief Act of 2007 has been extended through January 2014. This extends the tax forgiveness to primary residences for another 2 years, and offering a valuable solution to underwater homeowners. There are still too many foreclosures, and the unemployment rate is not where anyone wants it, thus, the debt forgiveness act has been extended along with other terms included in the political “fiscal cliff” crisis in Washington.
Link to IRS site(not updated yet to show 2 year extension as of today 1-2-3013): http://www.irs.gov/Individuals/The-Mortgage-Forgiveness-Debt-Relief-Act-and-Debt-Cancellation-
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