WashingtonWatch.com - H.R. 1876, The Mortgage Cancellation Relief Act of 2007

• Comment by HR 3648 not HR1876! (December 11, 2007, 09:14:56)
  Forget this bill. Write your Senators about THIS>> http://www.govtrack.us/congress/bill.xpd?bill=h110-3648 This Bill ALREADY PASSED THE HOUSE with major bipartisan support! It is IN COMMITTEE in the SENATE! Much farter along than HR 1876 so forget about this BILL. HR 3648 is RETROACTIVE to January 2007! Write your SENATORS NOW!!!! We only have a couple of weeks. It's now or never people! We are almost there!...
• Comment by no moron (December 7, 2007, 12:37:31)
  Not all people who got caught in the real estate mess are morons, greedy, stupid or any other deragatory adjective. Some people just wanted a piece of the American Dream and felt they would lose it if they did not buy before prices went higher. Let's lay it on the people who created the mess--greedy developers, real estate agents, appraisers, bankers, city councils. They are after all, the experts. Give Joe Average a break....
• Comment by to vile (December 4, 2007, 12:04:18)
  Morons huh that's wonderful, well I guess all of us morons should just file bankruptcy instead and see how that effects the economy. We build before we sold now who was the morons that gave us a construction loan to do so, the bank and they will write it off so why don't they have to pay for their gamble hum?...
• Comment by WOLFMAN (November 26, 2007, 15:20:22)
  I WAS RELOCATED FOR WORK, WITH THE MOVE, I ENDED UP WITH A SHORT SALE 16,000 LESS OF WHAT I OWED. SO IS IT FAIR FOR ME TO HAVE TO PAY TAX ON THAT MONEY? I DONT THINK SO.. THE MARKET DROPPED THE SAME TIME MY WORK ASKED ME TO RELOCATE. MY PROBLEM IS WHY SHOULD I BE TAXED ON MONEY ALREADY FORGIVEN BY MY LENDER? HELLOO..AT LEAST WITH A SHORT SALE THE LENDER IS NOT TAKING IT IN THE HIND LIKE A FORECLOSEURE. PEOPLE AND LENDERS SHOULD BE MORE OPEN TO SHORT SALES, 250,000 IS BETTER THEN A KICK IN THE REAR. I FULLY SUPPORT THIS ACT, PUSH IT THROUGH ASAP. THE WOLF...
• Comment by MN resident (November 23, 2007, 01:40:39)
  Does our government do anything??? Is this Act of 2007 going to be approved by 2009? Yes or no!!!????...
• Comment by mercuryjewel (November 21, 2007, 12:13:03)
  Again this bill has not passed and far from doing so. For those of you looking for some help, provided you follow through with a short sale or are thinking about it, you need to look into FORM 982 Insolvency Exclusion. This is not help for every one, but for some it will help reduce the amount taxed by the IRS on the 1099 you will get at the end of the year. Please talk to a tax professional about this. Shady realtors will tell you anything to try to get sales going they are desperate for the business. You should also know about H.R.3915. Mortgage brokers are trying to petition this because it works in favor of the buyers and sellers.Their petition is gaining serious momentum so you need to contact your rep. in support of this bill and let your voice be heard! Very important to all consumers!!!!!!!!!!!!!...
• Comment by Pacman (November 14, 2007, 11:48:30)
  Fairness? Explain me this. I have lived in my home (principle residence) for over 5 years. I sell it up to a gain of $250,000 (single) and up to $500,000 (married). Now I owe a lot of taxes. Wrong! These gains are excluded under the current law! So I shortsale my house and walk away with nothing and I get a major tax bill (because debt forgiveness is considered income). But if I sold my house for huge profit then it would be considered an excluded capital gain and I owe nothing. For all you naysayers out there please explain to me in what universe does this make any sense at all? Gracie.. a similar bill (H.R. 3648) passed the house. It's in commitee in the Senate. retro to 1/1/07. Write your senator about H.R. 3648!!!...
• Comment by Jim V (November 12, 2007, 13:28:24)
  It seems like this law is designed to do what we already have in CA. As I understand it, whether there is a gain hinges on whether or not the debt that is being forgiven is “non- recourse.” Non-recourse debt in California generally refers to debt that was used to purchase your home. Refinancing and borrowing amounts against your home that are used for other purposes could change the nature of the debt so that it becomes recourse debt. For example, debt cancellation of recourse indebtedness such as money borrowed against your home to buy a car, will result in taxable income regardless if there is debt forgiveness....
• Comment by Gracie (November 9, 2007, 02:10:37)
  A realtor told me the other day that this bill has passed, is that accurate, anyone?...
• Comment by vile (November 8, 2007, 17:28:32)
  You morons spent too much on a house and it's MY cross to bear? Forget it! It's true - nobody goes hungry in America. Screw you idiots....
• Comment by J.C. (November 8, 2007, 11:55:29)
  I don't think this bill should just cover 2007 because here us California there is going to be a landslide of foreclosers in the next year to come. If you ask me people who are losing their jobs will not be able to help losing their homes, how are they supposed to then pay on a Phantom Tax of even 20K to 70K. These people will never recover, and will be stalked by the IRS. Thats not what I beleive our contry to be about. This is the way for people to at least recover and become home owners once again. Yes, I think learning from our mistakes in a definate, but If we can never recover, It will effect everyone!!...
• Comment by Melissa (November 6, 2007, 16:23:23)
  When you sell a property through a short sale, the amount forgiven CAN be taxed. However, the lender has to issue a 1099 to the property owner in order for it to be taxed. I work in real estate and have completed at least 20 short sales in the past 2 years and there was a 1099 issued on only ONE (which was later dismissed due to predatory lending practices). Although we would love to see this bill passed, there is no guarantee that you will have to pay tax on the amount forgiven by your lender. If, and only if, they issue a 1099 to you will you need to be concerned about the tax on phamtom income....
• Comment by Kevin (November 6, 2007, 13:30:14)
  Maybe I am mistaken here, but this ACT will only give relief to phantom income. I don't see how this will burden tax payers other than it will be income that the IRS doesn't get to collect. The loss was to the mortgage lender in most cases or a mortgage insurance company. Obviously the lender or insurance company will claim a loss. However lets keep one thing in mind here...if you require all of these people to pay taxes on phantom income it will only further their financial troubles which could more than cripple our enconomy even worse. Most people will use the money they didn't have to send into the IRS to buy something that will create jobs and collect sales tax and who knows what else. Plus many of these homes will be bought by investors who will eventually pay capital gains taxes on these homes once the market rebounds....
• Comment by mercuryjewel (October 31, 2007, 17:18:23)
  Introduced Apr 17, 2007 Scheduled for Debate - Not yet This bill is in the first step in the legislative process. Introduced bills go first to committees that deliberate, investigate, and revise them before they go to general debate. The majority of bills never make it out of committee. If you need this bill to pass you need to write, call, or e-mail your representatives....
• Comment by ouija (October 25, 2007, 21:42:00)
  I lost already $80,000 investing or better especulating in a condo in Miami. It is my second home.I cannot keep the payments. Not even mentioning that I lost my marriage because it was my idea on buying this property, I lost my job, I have a 4 months old baby and I dont know what is going to happen my life as many others, is destroyed. We owe $330,000 and there was another condo in the same building sold in a short sale for $210,000. On top of all this mess The legislation doesnt mention anything about SECOND HOMES???????????? OH MY G.........
• Comment by Right On (October 17, 2007, 20:33:05)
  All of you who went out and agreed to pay more than you could afford are now forced to reap what you have sown, BOO HOO, too bad! Don't ask the rest of us to bail you out, because