~Possible Federal Debt Forgiveness Act Extension for San Diego Distressed Property Owners~

September 22, 2013

The Federal Debt Forgiveness Act of 2007 was such a great help to distressed property owners in San Diego.

In fact, it was so successful that the Federal Debt Forgiveness Act was extended twice, and ending 12/31/2013. In San Diego’s recovering real estate market, the question is: Will there be an extension of the federal debt forgiveness act of 2007?
We at Agent19.com sincerely hope so, but that answer isn’t good enough so instead, here is a list of bills and supporting Congressman who agree with Agent619.com by voting for the Federal debt forgiveness act extension beyond 2013 or creating a similar.
SUMMARY:A bill to pre­vent home­own­ers from being forced to pay taxes on for­giv­en mort­gage loan debt.
INTRODUCED:June 19, 2013
NOTES:On 6/19/2013 this was handed over to the Sen­ate Finance Com­mit­tee, which will con­sid­er it before pos­si­bly send­ing it on to the House or Sen­ate as a whole. The com­mit­tee chair deter­mines whether a bill will move past the com­mit­tee stage.
Sponsor:Sen. Deb­bie Stabenow (D-MI)
Co-Sponsors (4):
Heller, Dean (R-NV)
Isak­son, John “John­ny” (R-GA)
Menéndez, Robert “Bob” (D-NJ)
Boxer, Bar­bara (D-CA) (joined June 27, 2013)
CONGRESSIONAL BILL: H.R. 2788
NAME: Mort­gage For­give­ness Tax Relief Act
SUMMARY:A bill to pre­vent home­own­ers from being forced to pay taxes on for­giv­en mort­gage loan debt.
INTRODUCED:July 23, 2013
NOTES:This bill was assigned to the House Com­mit­tee of Ways and Means on July 23, 2013 which will con­sid­er it before pos­si­bly send­ing it on to the House or Sen­ate as a whole. The com­mit­tee chair deter­mines whether a bill will move past the com­mit­tee stage.
Spon­sor:Rep. Joseph Heck (R-NV3)
Co-Sponsors:None
CONGRESSIONAL BILL: H.R. 2994
NAME: Mort­gage For­give­ness Tax Relief Act of 2013
SUMMARY:A bill to amend the Inter­nal Rev­enue Code of 1986 to extend for 1 year the exclu­sion from gross income of dis­charges of qual­i­fied prin­ci­pal res­i­dence indebt­ed­ness.
INTRODUCED:August 2, 2013
NOTES:This bill was assigned to the House Com­mit­tee of Ways and Means on August 2, 2013 which will con­sid­er it before pos­si­bly send­ing it on to the House or Sen­ate as a whole. The com­mit­tee chair deter­mines whether a bill will move past the com­mit­tee stage.
Spon­sor:Rep. Tom Reed II (R-NY23)
Co-Sponsors (17):
Bous­tany, Charles (R-LA3)
Brady, Kevin (R-TX8)
Buchanan, Vern (R-FL16)
Capuano, Michael (D-MA7)
Grif­fin, Tim (R-AR2)
Jenk­ins, Lynn (R-KS2)
Kind, Ron (D-WI3)
Lar­son, John (D-CT1)
McGov­ern, James “Jim” (D-MA2)
Neal, Richard (D-MA1)
Rangel, Charles (D-NY13)
Rib­ble, Reid (R-WI8)
Roskam, Peter (R-IL6)
Sánchez, Linda (D-CA38)
Thomp­son, Mike (D-CA5)
Turn­er, Michael (R-OH10)
Watt, Melvin “Mel” (D-NC12)