For homeowners in trouble, a tough decision to make
http://dervishcom.blogspot.com/2011/09/for-homeowners-in-trouble-tough.html
The time is limited for homeowners who want to ensure they aren't hit with a big tax bill because they had to walk away from a mortgage obligation.
At the height of the housing crisis, when foreclosures across the country began a troubling increase, Congress passed the Mortgage Forgiveness Debt Relief Act of 2007, designed to provide at least some consolation to folks who had lost their homes.
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Source: http://feeds.washingtonpost.com/click.phdo?i=d358cdf2d75df34a343833624d220289
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