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Posted: Thursday, 19 December 2013 2:50PM

Senator Stabenow Pushes Mortgage Forgiveness Tax Relief Act Renewal

Protect distressed homeowners from higher tax bills. That's what U.S. Senator Debbie Stabenow is trying to continue to do with her Mortgage Forgiveness Tax Relief Act. The bipartisan legislation stops the IRS from taxing forgiven mortgage debt as income in the case of a short sale, refinancing, or foreclosure.


The law went into effect in 2007, but is set to expire at year's end. Stabenow says there are about 6.5-million families nation-wide and 250,000 families in Michigan with a mortgage underwater.

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