Chinese Drywall Complaint Center Now Calls No Extension of The Mortgage Forgiveness Debt Relief Act a New Nightmare for Homeowners Stuck in Toxic Chinese Drywall Hell

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The Chinese Drywall Complaint Center is saying, "If things were not already bad enough for homeowners stuck in a toxic Chinese drywall home, condo, or town home in Florida, Alabama, Mississippi, Louisiana, Southeast Texas, or Virginia-things could be on the verge of getting much, much worse. The Chinese Drywall Complaint Center fears without an extension of the Mortgage Forgiveness Debt Relief Act prior to December 31st 2012-any mortgage principal reduction a bank provides a toxic Chinese drywall homeowner will be treated by the IRS as ordinary income with the homeowner on the hook for the tax bill-if the mortgage principal reduction occurs in 2013. http://ChineseDrywallComplaintCenter.Com

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The Chinese Drywall Complaint Center fears without an extension of the Mortgage Forgiveness Debt Relief Act prior to December 31st 2012-any mortgage principal reduction a bank provides a toxic Chinese drywall homeowner will be taxed by the IRS

The Chinese Drywall Complaint Center is now warning all homeowners in Florida, Alabama, Mississippi, Louisiana, Southeast Texas, and Virginia who have a mortgage on a home that contains toxic Chinese drywall that if the Mortgage Forgiveness Debt Relief Act is not extended before midnight December 31st 2012, they will be taxed on any mortgage principal reduction given by their bank, or mortgage lender related to a short sale, a loan modification, a deed in lieu, or a foreclosure-as if it was ordinary income-if the mortgage principal reduction is done anytime in 2013, and the bill collector will be the IRS. The Chinese Drywall Complaint Center says, "President Obama has yet to show up to the toxic Chinese drywall disaster in Florida, the Gulf States, and Virginia, he has not mentioned the toxic Chinese drywall disaster one time in public, there has been no meaningful response from the US EPA, and unless the US Congress extends the Mortgage Forgiveness Debt Relief Act-NOW- homeowners stuck in toxic Chinese drywall hell could get a gigantic IRS tax bill if they get any type of mortgage principal reduction from their bank, or mortgage lender in 2013-if they do a short sale, a loan modification, a deed in lieu of foreclosure, and or a home foreclosure. We are calling this the ultimate nightmare for toxic Chinese drywall homeowners. Not extending the Mortgage Forgiveness Debt Relief Act would be a disgrace for homeowners stuck in toxic Chinese drywall hell in Florida, the US Gulf States, and Virginia." http://ChineseDrywallComplaintCenter.Com

On the topic of disgraces, the Chinese Drywall Complaint Center considers the Knauf Tianjin toxic Chinese drywall settlement to be a disgrace as well. The group estimates between Florida, Alabama, Mississippi, Louisiana, and Southeast Texas there are at least 100,000 homes that contain this specific type of toxic Chinese drywall-typically intermixed with US made drywall. The Chinese Drywall Complaint Center is deeply concerned that the so called Knauf Tianjin toxic Chinese drywall Court Settlement lacked transparency, there was no concerted effort to identify all impacted homes, or home foreclosures-with the net result only about 5% of the homes in Florida, or the Gulf states will be repaired, or will participate in this settlement. The Chinese Drywall Complaint Center says, "So what happens to the 95,000 homes, condos, or town homes not included in the Knauf Tianjin settlement? They become foreclosures, they get resold to new unsuspecting homeowners, and as soon as the new homeowner discovers the home has Knauf Tianjin toxic Chinese drywall-the home becomes a foreclosure all over again. We are in the strongest terms possible urging Judge Fallon of the Federal District Court of New Orleans to re-open the identification period for homes that contain toxic Knauf Tianjin Chinese drywall until at least June 1st 2013. Included in this settlement should be banks, and taxpayer owned Fannie Mae. Why should bank stockholders, and taxpayers get stuck with the cost of either bulldozing, or paying for a very rigorous remediation of a toxic Chinese drywall home foreclosure in Florida, or any other US Gulf state?" http://ChineseDrywallComplaintCenter.Com

The Chinese Drywall Complaint Center says, "One more disgrace that needs to be mentioned about Knauf Tianjin toxic Chinese drywall-if this specific type of toxic Chinese drywall is toxic enough to eat through a copper air conditioning coil in about a year in a Florida home-what is exposure to this type of drywall doing to the health of the people who live in these homes?" http://ChineseDrywallComplaintCenter.Com

(United States District Court-Eastern District of Louisiana MDL Case #2047)

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