Individuals may be able to claim special tax relief under this act if they have mortgage debt forgiven in 2007, 2008, or 2009. Due to the Emergency Economic Stabilzation Act this has been extended to 2010, 2011, and 2012.

Normally when this type of debt is forgiven the amount is considered taxable income however because of this act, discharges up to $2 million are excluded if the mortgage was secured by a principle residence and incurred due to purchase, construction, or improvement. This has been made retroactive to January 1, 2007 and due to the Emergency Economic Stabilization Act has been extended through 2012.

Debt forgiven that does not qualify include additional homes, rental or business property, credit card debt, or auto loans.

The "HOPE for homeowners" program has been created to assist homeowners in trouble to refinance their current mortgages into government insured programs through FHA approved lenders.