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Title : What Is Mortgage Forgiveness Debt Relief?
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What Is Mortgage Forgiveness Debt Relief?

Normally, the cancellation of debt is a taxable event. This means that if a creditor forgives a debt, or accepts less than what is owed to them, they issue a 1099 and the Internal Revenue Service and Franchise Tax Board in California will consider the forgiven debt as income. Forgiven debt is considered income because you owed a certain amount, and now you don't have to pay it back, so you received a benefit from it.

In the current real estate crisis, more and more consumers have their homes foreclosed on them, or they have to do a short-sale due to their financial situation. It would add insult to injury if they have to pay taxes on a second mortgage or a home equity line for a home they no longer own. Because of this, the federal and state governments have enacted laws that protect the homeowner from this situation.

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