On Wednesday, November 12th, NAR launched an all-member Call For Action asking members to urge Congress to extend Mortgage Debt Forgiveness Tax Relief. The income tax exemption on mortgage debt forgiven in a short sale or a workout for principal residences expired at the end of 2013. Without immediate action by Congress, distressed homeowners will have to pay tax on “phantom income” from forgiven debt. Please promote the Call For Action to your members urging them to contact their representative in Congress to extend this tax relief.
This Call For Action will count toward compliance with Core Standards. Your association can work towards meeting the Advocacy component by promoting the Call For Action in a newsletter, on your website, through member emails, on your social networks, on your MLS sign-in page, or through any other mode of communication that adequately engages your members. Call For Action communications is a part of the sample advocacy goals, objectives, and actions for beginner, intermediate, and advanced or high-resource associations.
Additionally, as part of the Member Value Plus Program, members who respond to this Call to Action before November 30 will earn a free copy of the 2014 NAR Profile of Homebuyers and Sellers-Download. Get more details about the MVP Program here.
View the complete information and a sample letter for this Call For Action on Mortgage Debt Forgiveness Tax Relief.