And how does it apply to me when trying to sell a home?
It applies if you are having your home foreclosed on or you are doing a short sale.
Previous to this law being enacted, debt forgiven due to a foreclosure or short sale was considered income for tax purposes and subject to tax. After this law was passed, most people do not have to consider this debt forgiveness income. as with all tax laws, there are exceptions.
It may not apply to you if you are just trying to sell a home.
Source: http://www.financetalkinghub.com/what-is-the-mortgage-forgiveness-debt-relief-act-of-2007.html
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