Good News for Distressed Homeowners

TWO Big Things to Know for Housing about the Bill That Passed Last Night – Pass It On
President Obama signed a bill passed by the Senate and House on Tuesday that:
1) Shields troubled borrowers from being penalized under the tax code when they agreed to a short sale or principal reduction transaction.
2) Includes another tax provision that allows borrowers to deduct the cost of their mortgage insurance premiums.
As passed, the bill to extends the Mortgage Debt Forgiveness Relief Act and the MI deduction for one year.