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.
Howard Bono started this petition with a single signature, and now has 868 supporters. Start a petition today to change something you care about.