Home Owners To Get Foreclosure Tax Relief

October 2007. The United States House of Representatives has approved legislation providing tax relief to home owners facing foreclosure.

Under the bill, any debt forgiven to home owners unable to pay their home mortgage would no longer be treated as taxable income.

The US legislation was passed in response to a subprime mortgage crisis responsible for reducing home values. The subprime mortgage crisis has left a growing number of home owners unable to pay increasing interest charges on their home loans.

Tips for avoiding foreclosure.