Mortgage Forgiveness Debt Relief Passes US House

I have been following the progress of the Mortgage Forgiveness Debt Relief Act, and I’m happy to tell  you that it passed the US House. It is now headed to the Senate. I’m pretty sure it’ll pass and I’m sure President Bush is pretty eager to sign this one into law.

If you’re late to the party here is what this bill is about:

As the title implies, the primary goal of the proposed legislation is to buffer homeowners who currently face an unwelcome tax bill when lenders forgive some of their loans.

I’ll keep you posted on how it fares in the Senate.

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