The Senate Finance Committee has passed a two-year retroactive extension of tax relief for households who’ve had mortgage debt forgiven by a lender as part of a short sale or loan modification.

“We applaud the Senate Finance Committee for approving a bipartisan compromise bill today,” NAR President Steve Brown says. The legislation still needs to be passed by the full Senate and also by the House.

The issue has been one of NAR’s top legislative priorities since 2007, when the association worked with lawmakers to enact the relief into law and also later to encourage them to extend the relief in 2008 and 2012.  Read More>