Bank of America to Forgive Some Mortgage Debt

The last thing that mortgage companies want to do is forgive their customers’ debts. Bank of America will make an exception for a few borrowers. Around 45,000 homeowners will be offered reductions.

Bank of America to wipe out thousands of second lien mortgages Bank of America is in the process of sending out thousands of second lien mortgage forgiveness letters as part of this year’s.

Home Equity Loans With Bad Debt: 6 Steps Before Getting a Loan Specialist;. Bank of America Home Loan Principal Forgiveness Program." Mortgage Principal Reduction – Bank of America Home Loan Principal Forgiveness Program

Bank of America to forgive some second mortgages October 4, 2012 By mrwilliamsburg As part of Bank of America’s ongoing efforts to help customers in need of mortgage assistance, this company is in the process of mailing approximately 150,000 letters to pre-qualified homeowners offering automatic extinguishment of their second lien mortgages.

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When your bank forgives mortgage debt, it will report this to the IRS and you will receive Form 1099-C for cancellation of debt even if you qualify for the exemption. To take advantage of the Act and avoid paying the taxes you’ll need to file IRS Form 982 for reduction of tax attributes due to discharge of indebtedness. The act has been extended twice since its inception, but now the Mortgage Forgiveness Debt Relief.

The bank will identify mortgages that may be eligible for these solutions and proactively contact those customers to ascertain their interest in a modification and to request documents necessary to determine actual eligibility. Bank of America to Forgive Some Mortgage Debt

(Gregory Bull / /Associated Press) Alejandro Lazo and Jim Puzzanghera, Los Angeles Times Banks are stepping up efforts to forgive mortgage debt for troubled California. several federal agencies and.

To get a clearer view of the mortgage process, it’s helpful to know some of the factors that will be considered when your mortgage application is reviewed. When you apply for a mortgage, your lending specialist will forward your application and the supporting documentation to an underwriter.

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Bank of America says it’s going to forgive up to 30% of some mortgage debt to help keep struggling borrowers from losing their homes. But there’s a hitch: It’s by "invitation only."

Bank of America may be required to report the amount of the eliminated second lien mortgage debt to the Internal Revenue Service. Current federal law provides for certain exceptions to tax liability when debt is forgiven in connection with a foreclosure prevention transaction for some customers; however, debt elimination may trigger state and.

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