This post originally appeared on the New America Foundation’s asset building blog, The Ladder.
Tucked away in the pages of the tax bill that averted the Fiscal Cliff (which Aleta Sprague reviewed here) is a crucial lifeline to struggling homeowners. Known as the Mortgage Debt Relief Act, thousands of homeowners who go through a mortgage modification, short sale, or foreclosure correction will not owe federal taxes on that debt forgiveness. This is a big deal. In 2007, this bill was passed with bi-partisan leadership and support. Read the rest of this entry
With elections behind us, our national leaders are returning to Washington for this Congress’ final weeks of session, and must come together on a plan to avoid the dangers of the so-called “fiscal cliff.” But what is that cliff, and what does it signify for Americans in need?
The cliff refers to two things, and their combined effects: Read the rest of this entry