UPDATE: NAR Calls for Action Need Our Attention

Mortgage Debt Forgiveness Tax Relief Last week, by a vote of 378 to 46, the U.S. House of Representatives extended the income-tax exemption on mortgage debt forgiven in a short sale or a workout for principal residences.The Senate has not yet voted on the measure.  Please encourage your colleagues to contact their senators if they have not yet done so. NAR will continue to ask members to send messages to

Call for Action! Flood Insurance Issues Could Sink Your Sales

The Problem: Congress provided a 5-year reauthorization of the National Flood Insurance Program (NFIP), but severe implementation problems threaten to undermine real estate transactions where flood insurance is required to obtain a mortgage. New NFIP rate structures have caused serious confusion and hardship for property owners. The Federal Emergency Management Agency (FEMA) continues to delay and miss deadlines. The legally required transition to true risk rates has plagued consumers with increases

CALL FOR ACTION! – Tell Senators to do no harm to the housing recovery

The Issue U.S. Senators are considering sweeping tax reforms … and they’re starting with a blank slate. That means any current  exemption, deduction, or credit in the tax code must be specifically presented to the Senate Finance Committee by July 26, or it will disappear. Next Steps Each Senator has been asked to submit, in writing, any tax expenditures they wish to see kept in the code.  Senators have until

REALTOR® Call for Action: Do No Harm to Housing

The REALTOR® Party needs your urgent help to protect the stability of the American housing market and the general economy. By now you have seen countless news reports concerning the “fiscal cliff.” Many of these reports speculate that a change to the long-standing policy that allows homeowners to deduct mortgage interest payments from their income taxes could be part of a “fiscal cliff” deal. REALTORS® need to “remind” Congress about

NAR Call for Action: Mortgage Cancellation Tax Relief

On Sunday, November 4, NAR issued a Call for Action regarding the extension of Mortgage Forgiveness Tax Relief. What’s It About? Today, if a lender forgives some portion of a homeowner's mortgage, either as part of a short sale or foreclosure, or in a loan restructuring that reduces principal, the owner/seller will pay no income tax on the forgiven amount. Many real estate transactions, including loan modifications, short sales and