Home Experts Experts Free Quotes Coupons Special Offers Articles Forums Blogs Join Us

hand titleSavism University -> Finance -> Real Estate
Mortgage Debt Relief Act Expires Dec. 2012

Mary Ellen Wilson articles


Addition to the New CA Short Sale Laws
Real Estate 

View All Articles by Mary Ellen Wilson

Real Estate Articles


Building Dreams, One Home at a Time

Berlin Company Revolutionizes Real Estate Market

Addition to the New CA Short Sale Laws
Mary Ellen Wilson

IRS offers guidance on new $6,500 tax credit for repeat home buyers
Kenneth R. Harney

Are First Time Homebuyer Tax Credits a Benefit?
Mark Goldman

View All Real Estate Articles

Recent Articles


Mason Baxter: Euro Banks to Allocate More Funds to Cover Bad Debt

Sapporo International: Bank of Japan Faces Growing Concern

Building Dreams, One Home at a Time
Real Estate

How to Protect your Car
Personal Finance

Ways to Save for Your Childís College Education
Education Planning

View More Recent Articles

Most Popular Articles


File Taxes for Free Ė Itís Easy as 1-2-3!
Tax Planning

When is the Dog Deductible?
Tax Planning

Health Insurance Explained

Beware of paying for a credit fix: It's a scam
Home Loans

Roth IRA Basics and Benefits
Retirement Planning

View Other Popular Articles

Ask Savism Experts

Lower Your Bills, Establish New Services, Find Service Professionals!


ArtOfSaving Get a free quota


Find an Event

Fairs, Workshops, Seminars...


Write a New ArticleSavism University Article

Mortgage Debt Relief Act Expires Dec. 2012

Category: Real Estate

San Diego, CA Ė EHS says ďBe Concerned.Ē Hereís how the 2007 Act works. If your lender forgives any of your loans, it is reported to the IRS as ordinary income. That income could add over $100,000 to your taxable income. The 2007 bill forgives that tax.


Congress created a bi-partisan 12-member committee to reduce the $1.5 trillion dollar tax deficit. Everything is on the table including the tax deduction for mortgage interest and property taxes. This tax credit, which allows homeowners to exclude up to $2 million dollars in mortgage debt forgiveness, is an easy fix. Remember, congress didnít extend the first time buyer credit.


2012 is a presidential election year. There is no telling who will be in power or what the political ear will be willing to hear.


Even the current mortgage interest tax deduction is under scrutiny. The committee estimates that by limiting mortgage interest and other itemized deductions for household incomes above $250,000 or individuals over $200,000, they can shave off $250 billion from the deficit. Why not allow a temporary act already scheduled to expire for everyone in 2012 disappear? This will affect people making a lot less than $250,000.


Homeowners need to think hard. Banks can keep homeowners on the hook paying if they face serious taxes. They can foreclose if homeowners canít pay. Advice: Donít wait!


Note: I am a real estate broker, not a tax professional. All information is from other sources such as the IRS Mortgage Relief Act. Please contact your tax professional to see how these factors will affect your particular case.


For more answers, sign up for a FREE Guide for Distressed Homeowners.


Mary Ellen Wilson, broker (Lic. #01487433), Expert Home Solutions Inc. dba Expert Home Auctions International, 877-267-2514x7, 877-276-8563 FAX, mewilson@experthomesolutionsincusa.com, has been licensed since 2005. Her internet experiences from 1995, prompted her to start EHA online in May, 2009. She has run over 40 auctions.

Spread The Word

Rate This Article
RateRateRateRateRate RateRateRateRate RateRateRate RateRate Rate Rate
Comment This Article
Submit Comment
Resources / Become Our Partner
banner banner banner banner banner banner banner
Ask Experts
Savism University
Special Offers
Become a Member
Request Free Quotes
Links - Add Link
Privacy Policy
Business Directory
Blog Directory
Video Directory
National Savings Day
Learn at Lunch
rssfeed RSS Headlines

Add Your Business
Become an Expert
Participate in Discussions
Post New Article
Create a Coupon
Ask a Question
Contact Us
About Us
Site Map
Connect on Twitter
2018 Art Of Saving
Savism, National Savings Day & United We Save are registered trademarks.