Feature Article #1
President Bush Signs Foreclosure Tax Relief Bill Into Law
President Bush signed into law today a new measure to provide tax relief for homeowners facing foreclosure or bankruptcy. The bill eliminates federal taxes due from homeowners who have had mortgage debt forgiven as part of a foreclosure or the renegotiation of a loan. Currently such debt forgiveness has been treated as taxable income.
The bill arose in response to the current mortgage crisis and is anticipated to reduce taxes on strapped homeowners by $650 million. “When you’re worried about making your payments, higher taxes are the last thing you need to worry about,” Bush said at the bill-signing ceremony. With some 2+ million adjustable-rate mortgages scheduled to reset through 2008, the new law will be a nice holiday gift for many homeowners facing tough times ahead.
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About RealEstateFacts.org
Welcome to RealEstateFacts.org- a Blog that helps not only consumers but real estate professionals connect with each other.
My name is Daniel Gaitan and I’m a full time REALTOR® located in San Antonio, Texas.
Why RealEstateFacts.org?
This site is dedicated to helping bridge the gap between consumers and real estate professionals.
One thing I notice very early in my real estate career was how misinformed or not informed at all consumers really are. But, I have also seen real estate professionals that are either not up to date on current information or not receiving correct information.








