Orlando, Florida (PRWEB) December 04, 2013
Kel Attorneys, a full-service legal firm specializing in bankruptcy and foreclosure law encourages consumers to take advantage of the federal, “Mortgage Debt Relief Act” that expires December 31st, 2013. The act, signed into law in 2007 during the Bush administration and set to expire December 2012, was further extended to include the 2013 tax year through the end of December.
Essentially, the legislation was originally designed to give homeowners who lost their homes to foreclosure during the economic downturn in the past five years, a tax break on debt forgiven in those years. Previous to the act, the Internal Revenue Service taxed individuals on any remaining principal balance of a mortgage loan that was forgiven by the mortgage lender. Because this was considered income, homeowners who either modified their existing home loans, short-sold their homes, or entered into foreclosure were in essence, “penalized” once again, by paying income tax on money that was never theirs to spend.
The act, originally created to help homeowners from tax years 2007 to 2009, was extended once to include the year 2012, and yet again to include mortgage forgiveness up until the end of 2013. While this applies to the principal residence only, debt forgiven up to two million dollars for couples, and one million for individuals will be considered tax-free under the act.
Through KEL Attorneys’ recently refaced website section on “foreclosure defense” at, http://www.kelattorneys.com the legal team works to promote
Consumer education on the topics of foreclosure, short sale, loan modification, and strategic default defense. Much of the information included in the site provides homeowners with real strategies and solutions when faced with the life-altering event of impending foreclosure.
Where once homeowners lacked resources for information about foreclosure, and support for their individual circumstances, KEL Attorneys provides both through its website, offering consumers opportunities for, “live chat” while perusing the site, and free, no obligation consultations.
The firm hopes to encourage more homeowners in distress to take advantage of the expiring, Mortgage Debt Relief Act before the end of 2013. The move, for some consumers could translate into tens of thousands of dollars in savings and help them avoid paying “in” for income taxes next year, on an already stressed budget.
KEL Attorneys is a full-service law firm, helping clients throughout the nation in the areas of foreclosure, bankruptcy, family law, IRS debt settlement, criminal defense, personal injury, immigration, and employment law. To find out more about the Mortgage Debt Relief Act and KEL Attorneys, call 1 (888) 238-2686 or go to, http://www.kelattorneys.com.