Will Ihave to pay taxes on forgiven moneys?

I have a second mortgage for $100,000.00. My mortgage company will forgive the debt or $10,000.00. Will I be liable for the taxes on the remaining $90,000.00 when I file the 1099 that my mortgage company sends me? My tax person says president Obama has a law in place that allows me no penalties for this money forgiven. He says the law expires a he end of the year. Does anyone know more about his?

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