Mortgage Forgiveness Debt Relief Act of 2007

There’s been a lot of confusion about what this whole debt relief act means for homeowners facing foreclosure. Below is a link to a great article that provides clarification on how may homeowners may be able to claim special tax relief by filling out newly-revised IRS Forms.

Those who may qualify for this relief includes debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure. Take a look at the article to read how the IRS Department of the Treasury explains the mortgage workouts.

Mortgage Forgiveness Debt Relief Act of 2007

http://www.irs.gov/irs/article/0,,id=179073,00.html