The deduction would be available only for the first $1 million in mortgage debt.
In 2001, mortgage debt grew by $580 billion, or 10.3 percent.
But with interest rates now rising, consumers will be less likely to take on mortgage debt.
The deduction would be available only on the first $1 million of mortgage debt.
Next year, some $300 billion of mortgage debt will be similarly adjusted.
Thus a $60,000 mortgage bad debt will take 20 years to write off.
Her mortgage debt rose from about $20,000 in 1987 to $35,000 by 1993.
The mortgage debt, however, cannot exceed the fair market value of the house.
The new loan raised their mortgage debt $100,000, to $360,000.
Imagine you bought a $200,000 home, with only a 5 percent down payment, so your mortgage debt is $190,000.
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