Extend the Mortgage Forgiveness Debt Relief Act Through 2014 Before Winter Recess!
This petition made change with 5,850 supporters!
*Update* The measure, HR 5771 has passed the Senate!! VICTORY!!
The Mortgage Forgiveness Debt Relief Act is the only government aid that truly reaches "Main Street" American homeowners who were financially devastated in the aftermath of the 2007 Financial Crisis. If it isn't extended, millions of Americans who have needed help with their mortgages and received some form of relief will suddenly be forced to make massive payments to the IRS.
Here's how it works: sometimes, when someone can't afford to pay their mortgage, the bank or other mortgage note holder will work with the homeowner, often forgiving part or all of the debt. Without the Mortgage Forgiveness Debt Relief Act, the IRS would consider this debt relief to be income, and would hit homeowners who can't even afford to make their previous mortgage payments with crippling tax bills.
But unfortunately, the Mortgage Forgiveness Debt Relief Act expired December 31st of 2013. If it is not extended to cover 2014, then at the beginning of 2015, we will see a massive surge in bankruptcies from people who would be suddenly saddled with hundreds of thousands of dollars in tax debt.
Extending the act will ensure that financial relief reaches those who need it. Sign the petition and tell Congress to protect American homeowners and extend this important legislation!
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