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While your primary mortgage lender may agree to forgive the debt if your home sells for less than what you owe, your second mortgage holder may not. Let’s say you owe $200,000 on your first.
CHARLOTTE, N.C. – Bank of America will pay $. $490 million in a fund to cover some of the tax liability that would be incurred by consumers if Congress doesn’t extend tax relief under the Mortgage.
Pay-option ARM customers will get a different offer from subprime ARM customers. For pay-option ARM customers, Bank of America will offer to forgive some or all of the debt that was added as negative amortization. If all of the negative-amortization debt is erased, the customer still ends up owing the original mortgage amount.
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Mortgage forgiveness means exactly what the term suggests: The lender actually forgives some or all of the debt you owe. That is, it simply wipes away that portion of your debt. Mortgage lenders are not in the business of forgiving debt.
And since debt forgiveness is considered taxable income (except in the case of a debt that is discharged in bankruptcy), some borrowers may have to show the IRS how their banks have erred in claiming to have forgiven their already discharged debts in the first place.
Bank of America to Write Off Principal on Some Mortgages Bank of America (BofA) will forgive up to 30 percent of the balance owed on certain at-risk mortgages as part of its loan modification efforts to assist homeowners in avoiding foreclosure, the bank has announced.
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The report was issued by the Office of Mortgage Settlement Oversight, which is monitoring the $25 billion settlement. In total, the five banks — Bank of America (BAC), Wells. efforts — 80% –have.
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You might also check with Bank of America as I read that if the debt forgiven was taxable to you (non extension of mortgage debt relief act) that per last years settlement that Bank of America would provide tax assistance per their agreement. I read the actual settlement agreement and the language for this is in there. I hope this can help you.