To amend the Internal Revenue Code of 1986 to exclude from gross income of individual taxpayers discharges of indebtedness attributable to certain forgiven residential mortgage obligations.
If you miss mortgage payments, the lender can decide to begin the foreclosure process.
There are many reasons homeowners face difficulty in making mortgage payments: unexpected expenses, loss of overtime, unemployment, overspending, illness/injury, disability, death, marriage, childrearing, divorce, education, and relocation.
Are you having trouble keeping up with your mortgage payments? Have you received a notice of default from your lender?