The
Mortgage Forgiveness Debt Relief Act of 2007, which provided tax breaks to
homeowners who were forgiven debt resulting from loan modifications, short
sales, or deeds in lieu, was not extended through 2015. Though legislation has
been introduced in Congress to extend the Act through 2016, it is incumbent on
the people, especially on Long Island, where foreclosure rates are still higher
than the national average, to contact their representatives and voice their
support for the bill.
If you want to speak to your representatives to push for an
extension for this bill, there is now an easy-to-use Web app called Democracy.io that allows its users to email their
House representative and senators in a group and on a simple platform instead
of having to fill out clunky forms for each representative on outdated
government websites. Since easy access to the government is an important way of
ensuring that the people’s concerns are heard by the government, Democracy.io will soon allow its users to
send letters, call, and schedule meetings with their representatives as well.
Though it is still difficult for Congressmen to filter
through the millions of messages that are received every day, Democracy.io is nonetheless a step forward
in the right direction. As technology becomes simpler on the constituents’
sides, Congress will need to match on its side in order to keep up with the
increased flow of communications. For now, all underwater homeowners should
take advantage of Democracy.io and
contact their representatives about The
Mortgage Forgiveness Debt Relief Act of 2007. The more support behind the
bill, the more likely it will be pushed through.
You can also track the bill here.
