You Can Help With The Real Estate Market Recovery
Today is the day that you can personally assist in the real estate market recovery.
And no, I don't mean that you have to buy a home today, you can actually choose to help by telling Congress to extend the Mortgage Debt Relief Act Of 2007.
The real estate market recovery is on thin ice, and this issue could very well cause current trends to reverse direction and move to even darker times.
Congress Now Controls The Real Estate Market Recovery
Without action before December 31st of this year, all of the families that are upside down in their homes could face a tax penalty if they try to modify their mortgage or seek a short sale through their lender
The Mortgage Debt Relief Act of 2007 comes to an end this year, but not if we get Congress to extend the deadline.
Even those in the worst situation facing foreclosure would find themselves forced to pay a capital gains tax on their debt relief if Congress doesn't act. This is because the amount of debt forgiven by the lender would be considered "income" to the borrower even though they never receive any payment from the lender.
Can you imagine what will happen to distressed property liquidation if families are jammed with a tax on top of their losses?
This would slow the removal of these properties from the market, and thus put the brakes on an already sputtering real estate market recovery.
Real Estate Market Recovery Needs You
So all you have to do to assist in the real estate market recovery is send a few quick messages to your politicians.
What to Tell your Senator:
- Cosponsor S. 2250 introduced by Senator Debbie Stabenow (MI)
- Urge Senate Leadership to act quickly on a tax package that includes this bill.
What to Tell your House Republican Representative:
- Cosponsor H.R. 4336 introduced by Representative Tom Reed (NY-29)
- Urge Chairman Camp to act quickly on this bill.
- Urge House Leadership to schedule a floor vote on this provision before year-end.
What to Tell your House Democratic Representative:
- Cosponsor H.R. 4202 introduced by Representative Charles B. Rangel (NY-15)
- Urge Ranking Member Levin to work with Chairman Camp to secure this tax relief well before year-end.
We all play a part in the real estate market recovery, I hope you'll join me and push for this extension.