Senator promotes mortgage forgiveness during Youngstown stop - 21 News Now, More Local News for Youngstown, Ohio -

Senator promotes mortgage forgiveness during Youngstown stop

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YOUNGSTOWN, Ohio - U.S. Senator Sherrod Brown, (D - Ohio) wants to extend a tax break for struggling homeowners that congress let expire on January first.

During a stop in Youngstown on Friday, Brown outlined his bill that would extend for one year the Mortgage Forgiveness Tax Act.

Without the extension, reductions that homeowners receive on their loans through mortgage modifications will be treated as income and subject to a tax bill.

"The government shouldn't be taxing people for a benefit they can't hold in their hand." said Brown. "The government shouldn't be taxing people when they're in a situation where they're right on the edge already to try to get back on their feet"

Brown says that 20%, or one-in-five homeowners in the Mahoning Valley are upside down on their mortgage, and the rate is 15% nationally.

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