With More Than 33 Percent Of Lucas County Mortgages Underwater, Brown Urges Reinstatement Of Provision That Helps Struggling Homeowners Avoid Tax Increase Starting This Year

TOLEDO, OH – January 10, 2013 – (RealEstateRama) — Today, with more than 33 percent of Lucas County mortgages underwater, U.S. Sen. Sherrod Brown (D-OH) called for immediate Congressional action to reverse a tax increase imposed on struggling homeowners that began January 1. Before the New Year, Senate Republicans refused to take up and pass legislation that would have relieved, for one year, the requirement for homeowners to pay taxes on mortgage debt forgiveness resulting from mortgage modifications, or short sales.