News
COMMUNITY NEWS BRIEFS Clock Ticking On
Families with Mortgage Tax Break For
Survey Aims
Mental
for Men Who
Struggling
Homeowners
Health Issues
Love Men
We at NMAC are in the
final year of a project to
develop an action plan to
address the persistent and
disproportionate
impact
HIV has on black gay and
bisexual men. As part of the
project, we are circulating a
survey to better understand
perspectives and percep-
tions among black gay,
bisexual and same-gender
loving men around modali-
ties and structural barriers
to prevention and care serv-
ices. This survey will con-
tribute to both the action
plan and help us determine
which resources to high-
light
on
an
online
resource/educational appli-
cation we are developing
called RISE (Resources to
Improve, Strengthen and
E m p o w e r ) .
If you are a black gay,
bisexual or same-gender
loving man we hope that
you will take a moment to
complete the brief survey
and share with your net-
works. If not, we ask that
you please consider sharing
with any colleagues, friends
or loved ones who may be
willing to participate and
help us to shed light on the
needs of this critical, but
under-served, population.
To complete the survey,
copy and paste the survey’s
URL [https://www.survey-
monkey.com/s/RISE_2012]
into your internet browser’s
address
bar.
Free Class for
By Les Christie
For people whose adult
family members live with
mental illness. Learn com-
munication and problem-
solving skills, as well as
how to deal with crisis, in a
12-week class taught by
specially trained volunteers
whose own family members
live with mental illness.
Thursday evening classes
start Jan 10 at Legacy
Emanuel Medical Center.
Exact time and location will
be given upon registration.
Call to register. National
Alliance on Mental Illness;
free;
pre-registration
required; 503-228-5692.
www.namimultnomah.org
Moments continued from page 3
His mother took the photo
in August after casts set on
Malik’s legs to strengthen
them had been taken off.
“My cheerful and deter-
mined young man helped
me to realize what matters
in life and what doesn’t,”
she said.
“Malik is a very happy,
easy going young man, not
much can hold him back,
not even being stuck in
casts. I also love how he’s
rocking that t-shirt!”
For some, 2012 was the
year not just of striking out
on to new journeys, but of
returning home.
Jessica Munoz from Cali-
fornia, U.S., was thrilled to
be reunited with her soldier
husband on his return from
Afghanistan. The poignant
moment when she was
reunited with her husband
was captured by her friend,
Libby Lugo.
“My friend literally
grabbed the camera out of
my hands and pushed me in
the right direction [to her
husband],” she said.
“All the stress and fear
and pain suddenly were
replaced with love and
magic and joy. I felt like I
had gotten something pre-
cious back that was taken
from me.”
Page 10 The Portland Skanner December 26, 2012
NEW YORK (CNN-
Money) -- A tax break that
has saved struggling home-
owners from paying thou-
sands of dollars to the IRS is
just days away from expir-
ing.
If the Mortgage Forgive-
ness Debt Relief Act of
2007 does not get extended
by Congress by the end of
the year, homeowners will
have to start paying income
taxes on the portion of their
mortgage that is forgiven in
a foreclosure, short sale or
principal reduction.
That means if someone
owes $150,000 on their
home and it sells for
$100,000 in a foreclosure
auction, they could owe
taxes on the remaining
$50,000. For someone in the
25% tax bracket, that would
mean paying $12,500 in
taxes on the foreclosure.
Similar taxes would apply
for amounts that were for-
given in short sales and
principal reductions.
"Allowing the act to
expire would harm these
families and their communi-
ties and it would run count-
er to current loss mitigation
efforts," wrote Tim Pawlen-
ty, president of the Financial
Services Roundtable, Mike
Calhoun, president of the
Center for Responsible
Lending, and John Dalton,
president of the Housing
Policy Counsel in a letter to
the Senate Finance Com-
mittee.
So far, though, very little
has been done to extend the
act as Republicans and
Democrats continue to butt
heads over the fiscal cliff.
Many mortgage borrow-
ers would be affected. More
than 50,000 homeowners
lose homes to foreclosure
each month. Meanwhile, the
number of short sales has
tripled over the past three
years to a rate of about half
a million a year. And, under
the terms of the $25 billion
foreclosure abuse settle-
ment, roughly one million
borrowers may have their
mortgage debt lowered
through principal reductions
over the next couple of
years.
"If there ever was a no-
brainer in housing policy,
this would be it," said Jaret
Seiberg, a policy analyst for
Guggenheim Securities.
Congress may return to
the act after the other fiscal
cliff issues are resolved, but
by then the housing market
will have taken a hit, said
Elise Brooks Perkins, com-
munications director for the
Financial Services Round-
table. "It can be done
retroactively, but the lag
time will have a chilling
effect on homeowners con-
sidering a short-sale," she
said.
Most short sellers will not
follow through on sales to
closing without debt for-
giveness in place. Instead
they'll fight foreclosure,
prolonging the housing cri-
sis.
Congressman Brad Miller,
however, said he doesn't see
debt forgiveness passing
unless it's part of a larger
fiscal cliff deal.
Still, the price tag for the
such an exemption could
make it a point of con-
tention, said Seiberg. The
office of Sen. Max Baucus,
who heads the Senate
Finance Committee, esti-
mated the cost of a one-year
extension at $1.3 billion.
Even if Congress allowed
the mortgage debt forgive-
ness to expire, not all bor-
rowers who lose their home
to foreclosure, sell their
home in a short sale or have
their principal reduced will
take a tax hit. If the debt is
discharged in a bankruptcy,
no tax is due. And anyone
who is insolvent -- meaning
they have more debt than
assets -- at the time the debt
was forgiven would not
have to pay the tax.
And in some states like
California, certain borrow-
ers are protected against
paying the tax because of
the way the state treats fore-
closures.
Specializing in *short sales
* bank owned properties
* first time home buyers
* investment properties
* residential & commercial
Torrey Nelson
C: 503-381-2107
W: 503-208-3797
F: 503-536-6523
E: mrtnel@gmail.com
www.dwellrealtypdx.com
5625 NE MLK Jr. Blvd.
Portland, OR 97211