Mortgage Debt Relief - Homeowners Facing Foreclosure

Limited offer, mortgage debt relief is waiting for homeowners facing foreclosure.

For the next 3 years, many principal residence homeowners will not experience the stress of additional income tax after a foreclosure.

December 20, 2007, President Bush signed the Mortgage Forgiveness Debt Relief Act, providing mortgage debt relief for many homeowners. Before now, American homeowners who could not stop mortgage foreclosure were subject to additional income taxes. This is the last thing any homeowner needs during the stress of foreclosure.

2009 Update: Home Affordable Refinance Program (HARP) and mortgage loan modification information.

Mortgage Debt Relief Act of 2007

Mortgage Debt Relief Signed By The President Of The United States

The President:

"I'm pleased to sign a bill that will help homeowners who are struggling with rising mortgage payments. The Mortgage Debt Relief Act of 2007 will protect families from higher taxes when they refinance their homes. It will help hardworking Americans take steps to avoid foreclosure during a period of uncertainty in the housing market.

In recent months, our nation's housing market has faced serious strains. Home values have fallen in many parts of our country. At the same time, many homeowners with an adjustable rate mortgage have seen their monthly payments increase faster than their ability to pay. And now some homeowners face the prospect of foreclosure.

The bill I sign today, Mortgage Debt Relief Act, will help by ensuring that refinancing a mortgage does not result in a higher tax bill. Under current law, if the value of your house declines and your bank or lender forgives a portion of your mortgage, the tax code treats the amount forgiven as money that can be taxed. And of course, this makes a difficult situation even worse.

When you're worried about making your payments, higher taxes are the last thing you need to worry about. So this bill will create a three-year window for homeowners to refinance their mortgage and pay no taxes on any debt forgiveness that they receive. The provision will increase the incentive for borrowers and lenders to work together to refinance loans -- and it will allow American families to secure lower mortgage payments without facing higher taxes.

By taking these steps, we can help our homeowners -- and we'll help more Americans become home owners. We want people to have a place they can call their own.

After all, it's an essential part of the American Dream. And we want that dream to extend throughout our nation." --George W. Bush, December 20, 2007

For a limited time, mortgage debt relief is available through the Mortgage Debt Relief Act signed by President Bush. The time to act is now. Learn how to stop mortgage foreclosure with these 8 strategies.

More Help For Saving Your Home

Are you behind on your payments now? Have you received a notice of default? Don't give up. With a little knowledge, you can Stop Mortgage Foreclosure.

Foreclosure Help is available. Act now if you think you are going to be late on a mortgage payment.

If you anticipate being late on a mortgage payment, here's help for locating your lender to Stop Foreclosure Now.

By understanding your Adjustable Rate Mortgage, you can anticipate interest rate adjustments and plan for increases in your mortgage payments.

When promises to Sell Your House seem too good to be true, remember this fact. It is possible to sell a house and remain legally obligated on the mortgage. Find out more here.

A limited offer, Mortgage Debt Relief provided help for homeowners subject to additional income taxes.

Members of the Hope Now alliance proposed 3 ways to help American homeowners avoid foreclosure.

Here's how to explain to your lender that you are trying to Prevent Foreclosure.

The first step to stopping Foreclosure is understanding its impact on your life. Save Your Home! Save Your Life!

How to take advantage of the current mortgage crisis to Stop Foreclosure. Learn from Donald Trump about negotiating a better deal.

FHA Secure Revised FAQs alerted homeowners their eligibility was not dependent on late payments.

Subprime Mortgage Loans fulfilled an important role in America by increasing homeownership but eventually they created a trap for home owners.

You are invited to discover why every homeowner with a Subprime Mortgage needs a long term plan.

Subprime Mortgages - Here is a long term plan I used to help homeowners transition to traditional mortgage financing.

Can I do a Mortgage Loan Modification myself?" The answer is yes. But find out the first question you really should be asking.

Ask Kate About Loan Modification - Ask a question, get an answer from Kate.

Loan Modification Ask and Answer - A collection of questions regarding loan modification, Home Affordable Programs, HARP and HAMP, each with a individual answer from Kate.

Return to Get-Your-Best-Mortgage-Rate home page from Mortgage Loan Modification and Avoiding Foreclosure Collection

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