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Mortgage Forgiveness Debt Relief Act of 2007 Memo
Download Associated DocumentMortgage Forgiveness Debt Relief Act of 2007 Memo
In response to the subprime lending crisis, Congress recently passed and the President signed into law a new measure that will make it easier for a homeowner to refinance or to sell their home on a short sale. A short sale is typically an option where a homeowner owes more on a mortgage loan than the home is worth. If the lender agrees to allow the homeowner to sell on a short sale, the homeowner can sell the home at a loss, and the lender will forgive the remaining debt.
For the full article, download the associated memo.
