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Mortgage Debt Relief Act set to expire

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    Real estate expert Bob Massi explains

  • Duration 2:52
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I just a few -- US homeowners could be facing financial devastation like the homes right behind me.

If the mortgage debt relief act is allowed to expire real estate guru Bob -- has been pressing for -- -- this crucial issue for months.

Coming hammer home about the mortgage relief -- that expires the end of this year.

Don't forget the call your representatives United States representatives to tell them they must extend the mortgage relief act because it could be deemed to be devastating -- Our whole country in real estate.

I love that time when -- reached out to his local congressman he got to cut and paste response quote.

I share your concerns and appreciate the -- to respond to you an important issue in fact I have cosponsored legislation to extend.

The mortgage debt relief act so what we really on the brink of a housing disaster there's nothing is yet to be done.

Bob Massi how close are week to getting it renewed or collapsed.

Stuck in the Ways and Means Committee right now Brian they've got as they always do with these bills attached to other bills.

Talk to them the other day again they're still a big fight going on in this extension.

As I think we will show last week 43 of the attorney general's in this country wrote a letter saying exactly what I said back in May please please please extend this relief that it will be devastating homeowners -- them.

Tax liability -- in other words let's say there's a 100000 dollars stepped from a foreclosure that.

That -- lender has forgiven you the homeowner what have to pay ordinary income tax.

On that 100000 dollars of somebody wrote a check to you.

That's why this law was passed by by President Bush in 2007.

The other thing will happen is bankruptcies people be forced the -- bankruptcies before foreclosure.

To this charge that that's that I have this tax liability and most importantly.

Three -- entire market Bryant in short sales will go away it'll be devastating they better do something I pray that they do.

And Bob would have to -- the market's showing signs as you know better than anybody of coming baton would have to price of these homes start coming back.

Could could the market see if -- can heal itself.

You know -- and it's if you know it's a good question.

I encourage when I see prices going up some of this fictional.

There is a supplying the -- like in Vegas ground zero there have been some.

Places where they've got up different areas of town.

But it's not necessarily the true trend of what's going to happen because there's so many of these other issues hanging out.

And the other thing is what it -- -- start for closing again there's going to be more.

Prices it's gonna be affected so there's a lot of other issues -- still dealing with the -- -- never got back she did write him.

Bob -- of course yes Bob Massi thanks so much.

Thank you.

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