Not sure what MDRA stands for? Well, if you aren’t potentially at risk of losing your home, you probably don’t care, but for those folks who are going through either a foreclosure or short sale starting Jan 1, 2014 and beyond, you do care, as this is the legislation that ran from 2007 to the end of 2013 that allowed taxes to be waived on forgiven mortgage debt released in either a foreclosure or short sale action. It stands for the Mortgage Debt Relief Act.
The folks at DS News Digital have brought us another article you can read here that covers a bit more detail. Suffice it to say, that until we are much further out of this recession and housing problem, we need this extension for those who are still working their way out of the financial trenches.
