The Mortgage Forgiveness Debt Relief Act of 2007 has introduced a new paradigm of tax strategies for those who are falling behind on their home mortgage payments (or anticipate falling behind as the result of a pending adjustable rate mortgage reset).
Set against the urgent need to have these new relief provisions work not only for the homeowner but also for investors, the housing market and the national economy, the new law has been generously drafted and likely will be liberally interpreted to fulfill its goals. Unfortunately, not all of the new statutory language is straightforward, nor does it offer full answers to all issues that may arise.
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