Ensure Mortgage Forgiveness and Debt Relief For All Property Owners!
Home values are steadily declining and short sales/foreclosures are on the rise!
Given the steady decline in home values & the high number of foreclosures most states are reporting each month, I think it is only fair for our city and state reprenstatives to push Congress to reform The Mortgage Forgiveness Debt Relief Act and Debt Cancellation.
It should be updated to include all property owners (of course, to a certain dollar amount as the current act has in place). Our government has bailed out the large banks and corporations on Wall Street; it is only fair that they put policies in place that bail us out as well.
Please join me to ask that Congress approves a policy change to The Mortgage Forgiveness Debt Relief Act and Debt Cancellation to also relieve those with 2nd homes or investment properties as well. The current policy only relieves a homeowner of the forgiven debt if it is considered their primary residence. We should not be penalized for buying an investment property. Having up to two investment properties should be considered a small business.
President Obama stated that he wanted to help small business owners in his State of the Union Address to the nation. Therefore, this could be a first step in helping us. It doesn't cost a thing and it won't add to our national debt.
If you decide to Short Sale your house, you SHOULD NOT be expected to pay taxes on the forgiven debt.
Please join me in requesting this CHANGE!!!
It should be updated to include all property owners (of course, to a certain dollar amount as the current act has in place). Our government has bailed out the large banks and corporations on Wall Street; it is only fair that they put policies in place that bail us out as well.
Please join me to ask that Congress approves a policy change to The Mortgage Forgiveness Debt Relief Act and Debt Cancellation to also relieve those with 2nd homes or investment properties as well. The current policy only relieves a homeowner of the forgiven debt if it is considered their primary residence. We should not be penalized for buying an investment property. Having up to two investment properties should be considered a small business.
President Obama stated that he wanted to help small business owners in his State of the Union Address to the nation. Therefore, this could be a first step in helping us. It doesn't cost a thing and it won't add to our national debt.
If you decide to Short Sale your house, you SHOULD NOT be expected to pay taxes on the forgiven debt.
Please join me in requesting this CHANGE!!!
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