Arizona Home Talk

Mortgage Relief Passed by Congress & Signed Into Law by the President!

Source: CMPS Legislative Update from http://www.cmpsinstitute.org/  On Thursday, December 20th, President Bush signed into law a bill passed by Congress: HR 3648 -Mortgage Forgiveness Debt Relief Act of 2007.  The three major points are: Elimination of the “phantom tax” on foreclosures, short sales or other discharges of debt on a primary residence.  Consider this scenario:  A property is [...]