Extend the Mortgage Debt Relief act through 2015
  • Petitioned US congress and Senate

This petition was delivered to:

US congress and Senate

Extend the Mortgage Debt Relief act through 2015

    1. Howard  Bono
    2. Petition by

      Howard Bono

Underwater Homeowners who sell their homes in a short sale or lose them in a foreclosure are required to pay income tax on the amount the banks lose. This just adds insult to injury at a time when these famililies are trying to rebuild their lives.

Currently there is an exemption for owner occupied property owners but the exemption ends at the end of 2012. We petition the US Congress and Senate to extend this law through 2015 to give the housing market time to work through the foreclosure crisis and allow families to recover without additional taxes.

Recent signatures

    News

    1. Reached 750 signatures
    2. U.S. Treasury wants this law extended too. See Notes and link below

      Howard  Bono
      Petition Organizer

      US Treasury’s Policy director Laurie Anne Maggiano said this,

      "…The success of settlement efforts to assist more borrowers may also depend on whether the Mortgage Debt Relief Act is renewed. And since Treasury does not have the authority to extend the Mortgage Debt Relief Act set to expire at the end of this year, or the right to lobby for specific legislation, its director of policy called on servicers and other mortgage industry professionals to do just that."
      Please forward this to everyone you know. Especially those that owe more on their houses than they are worth.

      Underwater homeowners can also get a free ebook about their options at www.myownbailout.com

      Thanks for your help.

    3. Reached 50 signatures

    Supporters

    Reasons for signing

    • Julie Mondello BOYNTON BEACH, FL
      • about 1 month ago

      I will not be able to pay the tax bill of the difference at the end of 2014

      REPORT THIS COMMENT:
    • June Barrett PORTER RANCH, CA
      • about 1 month ago

      Because I just received a mortgage forgiveness on my mortgage that I won't be able to pay the taxes on.

      REPORT THIS COMMENT:
    • Greg Short CAMILLUS, NY
      • about 1 month ago

      I was foreclosed on in 2014 !

      REPORT THIS COMMENT:
    • allan johnson SAN TAN VALLEY, AZ
      • about 1 month ago

      i cant afford a $50000 hit on my 2104 taxes!

      REPORT THIS COMMENT:
    • Lisa Robinson SUITLAND, MD
      • about 1 month ago

      Because I am stuck in a property community that have a 40% delinquencies, and My property is up for sale. I may needs to do a short sale in Fy 2014/2015 this must be done by congress to do the right thing! extend the debt mortgage relief! People can't afford to pay all of this on their income taxes.

      REPORT THIS COMMENT:

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