OpenCongress - H.R.3648 Mortgage Forgiveness Debt Relief Act of 2007

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by odiek56 |

Mar 25, 2008(4 months ago) |

Overall Rating: 5.0 |

If I am prsently doing a non-recourse short sale is H.R. 3648 a California law so that I don't get a 1099 from the lender.

by Anonymous |

Apr 03, 2008(3 months ago) |

Reply |

Overall Rating: 5.0 |

I am on social security disability, have a predatory loan. I am 3 months behind in my mortgage payments, and wish to refi. Can I participate with indebtness program?

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Nay	Nays:14

Mortgage Forgiveness Debt Relief Act of 2007

To amend the Internal Revenue Code of 1986 to exclude discharges of indebtedness on principal residences from gross income, and for other purposes.

Other Bill Titles (5 more)

12/20/2007--Public Law. (This measure has not been amended since it was passed by the Senate on December 14, 2007. The summary of that version is repeated here.)
Mortgage Forgiveness Debt Relief Act of 2007 - Amends the Internal Revenue Code to exclude from gross income amounts attribu... morehide bill summarySee Full Bill Text

Committees

Amendments

This bill has 2 amendments. See All AmendmentsHide All Amendments

Number	Status	Purpose
H.Amdt842	Offered	Pursuant to the provisions of H. Res. 703, the amendment in the nature of a substitute recommended by the Committee on Ways and Means, modified by the amendment printed in the report of the Committee on Rules, is adopted.
S.Amdt.3856	Pass	In the nature of a substitute.

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		This Bill Has Become Law
September 25, 2007		October 04, 2007		December 14, 2007		December 20, 2007		December 20, 2007

Latest Vote

October 04, 2007Roll call number 948 in the House
Question: On Passage: H R 3648 Mortgage Forgiveness Debt Relief Act of 2007.
Required percentage of 'Aye' votes: 1/2 (50%)	Percentage of 'aye' votes: 89%	Result: Passed

Date	Chamber	Question	Aye	Nay	Result
October 04, 2007	House	H.R.3648 Mortgage Forgiveness Debt Relief Act of 2007 On Passage: H R 3648 Mortgage Forgiveness Debt Relief Act of 2007.	386	27	Passed	See Vote
October 04, 2007	House	H.R.3648 Mortgage Forgiveness Debt Relief Act of 2007 On Motion to Recommit with Instructions: H R 3648 Mortgage Forgiveness Debt Relief Act of 2007.	201	212	Failed	See Vote

See Full Voting History (2 votes)Hide Voting History Show All Actions (30 actions)Hide Actions

All Bill Actions

Enacted on Dec 20, 2007. Became Public Law No: 110-142.
Signed on Dec 20, 2007.
Dec 19, 2007. Presented to President.
Dec 18, 2007: On motion that the House suspend the rules and agree to the Senate amendment Agreed to by voice vote.
Dec 18, 2007: DEBATE - The House proceeded with forty minutes of debate on the motion to suspend the rules and agree to the Senate amendment to H.R.3648.
Dec 18, 2007: Mrs. Jones (OH) moved that the House suspend the rules and agree to the Senate amendment.
Dec 18, 2007. Cleared for White House.
Dec 14, 2007: Message on Senate action sent to the House.
Passed by Unanimous Consent in the Senate on Dec 14, 2007. Passed Senate with an amendment by Unanimous Consent.
Dec 14, 2007: Measure laid before Senate by unanimous consent.
Dec 14, 2007: Senate Committee on Finance discharged by Unanimous Consent.
Oct 04, 2007: Rule H. Res. 703 passed House.
Passed roll in the House on Oct 04, 2007. On passage Passed by recorded vote: 386 - 27 (Roll No. 948).
Passed roll in the House on Oct 04, 2007. On passage Passed by the Yeas and Nays: 386 - 27 (Roll No. 948).
Oct 04, 2007: On motion to recommit with instructions Failed by the Yeas and Nays: 201 - 212, 1 Present (Roll no. 947).
Oct 04, 2007: The previous question on the motion to recommit with instructions was ordered without objection.
Oct 04, 2007: DEBATE - The House proceeded with ten minutes of debate on the Cantor motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment striking sections 5 and 6 from the bill.
Oct 04, 2007: Mr. Cantor moved to recommit with instructions to Ways and Means.
Oct 04, 2007: The previous question was ordered pursuant to the rule.
Oct 04, 2007: DEBATE - The House proceeded with one hour of debate on H.R. 3648.
Oct 04, 2007: Rule provides for consideration of H.R. 3648 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments. The amendment in the nature of a substitute recommended by the Committee on Ways and Means now printed in the bill, modified by the amendment printed in the report of the Committee on Rules accompanying this resolution, shall be considered as adopted.
Oct 04, 2007: Considered under the provisions of rule H. Res. 703.
Oct 04, 2007: Received in the Senate and Read twice and referred to the Committee on Finance.
Oct 02, 2007: Rules Committee Resolution H. Res. 703 Reported to House. Rule provides for consideration of H.R. 3648 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments. The amendment in the nature of a substitute recommended by the Committee on Ways and Means now printed in the bill, modified by the amendment printed in the report of the Committee on Rules accompanying this resolution, shall be considered as adopted.
Added to calendar on Oct 01, 2007: Placed on the Union Calendar, Calendar No. 220..
Oct 01, 2007: Reported (Amended) by the Committee on Ways and Means. H. Rept. 110-356.
Added to calendar on Sep 26, 2007: Ordered to be Reported (Amended) by Voice Vote..
Sep 26, 2007: Committee Consideration and Mark-up Session Held.
Sep 25, 2007: Referred to the House Committee on Ways and Means.
Introduced on Sep 25, 2007.

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In the News

February 14, 2008 SaveMeFromForeclosure.com Applauds Passage of Mortgage Forgiveness ...

The Mortgage Forgiveness Debt Relief Act of 2007, HR 3648, protects homeowners from paying taxes on cancelled mortgage debt. This means that homeowners who ...

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Source: PR Web (press release), WA

January 29, 2008 BGS3 Helps Homeowners Avoid Foreclosure

"President Bush has provided a much needed solution to the national foreclosure problem in signing HR 3648 -- The Mortgage Forgiveness Debt Relief Act of ...

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Source: Primenewswire (press release), CA

January 29, 2008 BGS3 Helps Homeowners Avoid Foreclosure

"President Bush has provided a much needed solution to the national foreclosure problem in signing HR 3648 -- The Mortgage Forgiveness Debt Relief Act of ...

Was this article useful? Yes or No (0 of 1 found it useful.)

Source: StreetInsider.com (subscription), MI

53 more articles...
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Blog Coverage

July 18, 2008 Capital Gains Rule Change

The new law gives surviving spouses two full years in order to sell and still qualify for the $500000 exclusion. The bill is HR 3648, and the capital gains reference is in Section 7. Please consult a tax professional for specifics to ...

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Source: Campbell & West San Jose Real Estate,...

July 17, 2008 Help for Victims of Foreclosure - The Mortgage Forgiveness debt ...

HR 3648 provides for a 3 year suspension of traditional tax treatment on forgiven debt from a foreclosure (1/1/07 through 12/31/09). It is estimated that this law will save foreclosure victims up to $600 million in tax over the life of ...

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Source: 42647

July 16, 2008 2007 Mortgage Forgiveness debt relief (Take control of your ...

The Mortgage Forgiveness debt relief (Take control of your financial future today - Click here) Act of 2007 (HR 3648) has finally been passed by both chambers of Congress as of December 14, 2007 and has been signed into law by the ...

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Source: 88828

377 more posts...
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H.R.3648

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Mortgage Forgiveness Debt Relief Act of 2007

To amend the Internal Revenue Code of 1986 to exclude discharges of indebtedness on principal residences from gross income, and for other purposes.

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In the News

February 14, 2008 SaveMeFromForeclosure.com Applauds Passage of Mortgage Forgiveness ...

January 29, 2008 BGS3 Helps Homeowners Avoid Foreclosure

January 29, 2008 BGS3 Helps Homeowners Avoid Foreclosure

Blog Coverage

July 18, 2008 Capital Gains Rule Change

July 17, 2008 Help for Victims of Foreclosure - The Mortgage Forgiveness debt ...

July 16, 2008 2007 Mortgage Forgiveness debt relief (Take control of your ...

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