Mortgage Rellief

[Luis Castillo]

I need some information please. It is my understanding that when you do a short sale right now, lets say you owe 200K and you sell it for 150k the difference in what you owe and the sales price (50K)is mortgage relief, which I understand at the present time is not being taxed. I heard that the government has given relief, but apparently it out January 1, 2013. First of all is any of this right and second of all does it expire and if it does, is there any talk of extending the relief.