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Mortgage Debt Relief Act 2016
The Mortgage Debt Relief Act provided debt exclusion on the 1099’s received from foreclosure or a short sale for certain borrowers who qualified under this act on heir principle residence.The Mortgage Debt Relief Act 2016 ended up being extended retroactively through 2016. It expired at the end of the year and has yet to be extended into 2017. For information on the Mortgage Debt Relief Act 2017, you can check that information out here.
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