House legislates to Help Financially Strapped Homeowners

The House has finally approved legislation to help financially strapped homeowners who are facing foreclosure or bankruptcy. Those homeowners who have a mortgage debt as part of a foreclosure would be given a tax break by the bill, passed 386 to 27, or a reworking of a loan will be given to them. The value of that pardon, which as it stands now is taxable as income, would be exempt.