Brown Helps Pass Provision That Will Prevent Struggling Homeowners Who Modified Mortgages Or Completed Short Sales From Being Hit With A Huge Tax Increase

WASHINGTON, D.C. – April 7, 2014 – (RealEstateRama) — U.S. Sen. Sherrod Brown (D-OH) today helped pass provisions of the Mortgage Forgiveness Tax Relief Act, legislation aimed at relieving homeowners of the requirement to pay taxes on mortgage debt forgiveness resulting from mortgage modifications, or short sales. The provision was included in the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act, which passed the Senate Finance Committee today.