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Congress > Legislation
S. 1394:
Mortgage Cancellation Relief Act of 2007
110th Congress

This is a bill in the U.S. Congress originating in the Senate ("S."). A bill must be passed by both the Senate and House and then be signed by the President before it becomes law.

Bill numbers restart from 1 every two years. Each two-year cycle is called a session of Congress. This bill was created in the 110th Congress, in 2007-2008.

The titles of bills are written by the bill's sponsor and are a part of the legislation itself. GovTrack does not editorialize bill summaries.

2007-2008
Track S. 1394 [110th]

Because this bill was introduced in a previous session of Congress, no more action can occur on it.

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Primary Source

See S. 1394 [110th] on THOMAS for the official source of information on this bill or resolution.

A bill to amend the Internal Revenue Code of 1986, to exclude from gross income of individual taxpayers discharges of indebtedness attributable to certain forgiven residential mortgage obligations.

Overview

Sponsor:
Text:
Summary | Full Text
Status:
Occurred: IntroducedMay 15, 2007
Occurred: Referred to CommitteeView Committee Assignments
Not Yet Occurred: Reported by Committee(did not occur)
Not Yet Occurred: Senate Vote(did not occur)
Not Yet Occurred: House Vote(did not occur)
Not Yet Occurred: Signed by President(did not occur)
This bill never became law. This bill was proposed in a previous session of Congress. Sessions of Congress last two years, and at the end of each session all proposed bills and resolutions that haven't passed are cleared from the books. Members often reintroduce bills that did not come up for debate under a new number in the next session.
Last Action:
May 15, 2007: Read twice and referred to the Committee on Finance.
Related:
See the Related Legislation page for other bills related to this one and a list of subject terms that have been applied to this bill. Sometimes the text of one bill or resolution is incorporated into another, and in those cases the original bill or resolution, as it would appear here, would seem to be abandoned.
Question & Answer
Can you answer any of these questions posed by other users? Think of it as a civic good deed. You can submit a short question too.
Jun 4, 2009 2:08 PM - after the short sale, the 2nd lien holder still calls and wants to collect the balance, isn't there a law that prohibits from lenders to call after completion of the short sale? - Answer it!
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