Mortgage Cancellation Tax Relief Act

The Mortgage Cancellation Tax Relief Act  - H.R. 1876 was introduced by Congressman Robert Andrews, a Democrat from New Jersey. Currently the bill is being cosponsored by 17 other members of congress, with equal support from both sides. The goal of this legislation is to do away with current laws that require individuals to pay an income tax, when a portion of their mortgage loan is forgiven or when there is a short sale due to a foreclosure.

On April 17, 2007, the bill was referred to the House Committee of Way and Means. I am of the opinion that most people would see this taxation as an unnecessary burden to an otherwise overburden individual or family. If you concur, then let your congressional representative know that you support this legislation.