December 21, 2024 4:22 am
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Mortgage law’s expiration to have little impact in Ariz.

By J. Craig Anderson

The Arizona Republic

If you’d like to discuss real estate matters, contact Rose Law Group Founder Jordan Rose, jrose@roselawgroup.com

Arizona homeowners have little to fear from the impending expiration of the Mortgage Forgiveness Debt Relief Act of 2007, which exempts most homeowners from paying a federal tax on forgiven debt through foreclosure, short sale or loan modification.

According to local real estate and legal experts, the debt-relief act always has been redundant in Arizona because of the state’s “non-recourse” law, which protects homeowners from taxation on forgiven debt.

“It will have much less of an impact in Arizona than most people think,” Arizona State University real-estate analyst Mike Orr said about the act’s expiration, set for Monday.

Continued: 

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