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Expiring Mortgage Relief Act prompts walkaways in Irvine
Irvine homeowners race to beat the 2012 expiry of the Mortgage Forgiveness Debt Relief Act which waives taxes on forgiven mortgage debt for primary residences. A YouWalkAway.com survey shows 34 percent would walk away sooner, influenced by potential tax consequences. Legislation to extend to 2015 is in committee. absence could shift foreclosure versus tax bill calculations. Cathy Haney of Irvine is quoted on local real estate implications.
MENTIONED IN THIS ARTICLE
YouWalkAway.com
Jon Maddux
James McDermott