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H.R. 3856, The Homeowners Debt Relief Extension Act of 2014 (7 comments ↓)

H. R. 3856 would amend the Internal Revenue Code of 1986 to provide a 2-year extension of the exclusion from gross income for the discharge of qualified principal residence indebtedness.

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Lorry

February 11, 2014, 11:22am (report abuse)

We really need to get this bill passed. As a real estate agent I assure the failure to extend it has already started to cause homeowners to choose bankruptcy that leads to foreclosure. As a false since that it is a better option because of the fear of tax liability. You will see a resurge in foreclosures if they do not extend this bill9

Connie

February 11, 2014, 1:39pm (report abuse)

It's bad enough that a family has to refer to a short sale due to financial hardship, then that short sale doesn't close until after the reflief act expires, and then the government wants to penalize you again by inflicting taxation on what is perceived as "income", as opposed to a life line to help begin your ascension out of debt.

CONGRESS.....WE NEED YOUR HELP

SteveE

February 26, 2014, 2:15pm (report abuse)

We started this process with BoA in August of 2012. Part of our decision to proceed with a Deed in Lieu of Foreclosure was the understanding that we would not be taxed on the Deficiency Forgiveness. BoA dragged their feet for almost a year and did not complete their side of the agreement and then at the midnight hour sold the mortgage to another company. This caused us to start the process over again. They completed the Deed in Lieu in 5 months but because of the previous delay, our previous home did not sell until 2014! Now we could owe as much as $60K in taxes for 2014 all because BoA delayed the process! There needs to be some consideration for those individuals that signed paperwork with their lenders in previous years who reasonably were counting on the Tax exmpemption.

DwayneM

March 2, 2014, 3:11pm (report abuse)

Experiencing income reduction over the past few years placed us in a hole. Attempting to sell our house 10 years after we bought now finds us upside down. With the debt forgiveness act we have an opportunity to do what's best for all while getting back to a place where we are stellar at paying all our remaining debts on time. Without this act in place, I see no option but to pursue chapter 7 bankruptcy to address the foreseeable 50k - 60k income and tax debt associated we will take as the house completes short sale or heads to foreclosure.

We entered the process with Citi Mortgage for short sale in November 2013 but the house has not sold. Timing is everything I guess.

Please consider the life changing impact failure to extend the act will have on American families like us who are struggling to keep heads above the water.

John P

March 7, 2014, 11:20am (report abuse)

With the Banks continuing to pull in millions of dollars through bailouts we, the homeowners are suffering with additional taxes leveled upon us, because we cannot sell our homes at fair market values. Please extend HR 3856 and allow us to rebuild our reputations, credit and dignity after having to suffer through foreclose on our homes because of Bank failures, delays and refusals to assist us. These life-changing events and impacts on our lives are more than most of us can indure.

ToddG

March 10, 2014, 3:08pm (report abuse)

Looking at the Nation as a whole with many home owners in the situation where they need to move in order to take a job to support their families and cannot because of the decline in the housing market. For those who made the sacrifice to move and either sold their home in a short sell or executed a deed-in-lieu or fell into foreclosure, finding the funds to pay income taxes on the debt forgiven becomes extremely difficult. To build our Nation back up, we need to increase our buying power and decrease our unemployment. This bill provides the means to significantly keep our Nation on an upward track improving our economy, decreasing unemployment and increasing the overall buying power of our great Nation.

harrc

March 23, 2014, 10:30am (report abuse)

if this bill ie not passed my wife and i will owe taxes of approximately $150,000. Because of the economy our savings have already been wiped out

.Where does the government think they will get these taxes? We will never have them. I am 71 years old. How many IRS agents and money will it take to chase all millions of us down, only to wind up with no tax dollars anyway.

So, pass this bill and give us the same break you have already given others.

if this is a matter of political power,which it probably is, work it out

PASS THIS BILL.

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