If debt relief was received then the exchangor received mortgage "boot".

I go here for mental relief: http://classicgam.es/bed-bug-revenge/

What a relief to have the place leased.

However, another accepted exclusion for taxation on forgiven debt is insolvency, regardless of whether or not the Mortgage Debt Relief Act is still valid.So, again in my opinion, if the homeowner is NOT insolvent, then he or she could potentially be responsible for the tax on $500k of the total $1m forgiven amount.

I don't see any relief in terms of the greed of wall street and our politicians speak of 'stimulus' (aka printing and spending money that we don't have) as though it is civic duty- just as the voting public wants them to.

I would dump him immediately as it will be such a relief in the long run.

It was a relief.

For instance, someone facing foreclosure is going to have a different mindset when looking for relief as opposed to a REI looking to help foreclosure victims.

"Ultimately, real relief for the mortgage market requires stabilization, and then recovery, in the nation's housing sector," Bernanke said.

But under the Mortgage Forgiveness Debt Relief Act of 2007, enacted Dec. 20, taxpayers may exclude debt forgiven on their principal residence if the balance of their loan was $2 million or less.