Bank of America to Forgive Some Mortgage Debt

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.

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In many cases, forgiveness of debt is taxable income according to the Internal Revenue Code ( 26 U.S.C. 108 ), so you can imagine what kind of tax liability you might end up with if your bank suddenly forgives a $100,000 loan. There are exceptions to this, the main one being that if you are insolvent on the date.

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Bank of America will begin forgiving a portion of mortgage debt for some homeowners facing foreclosure, a report in the New York Times said. The bank would pick people through invitation only, and the maximum reduction would be 30 percent of the value of the loan, according to the report.

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 Corp. in the United States said it would reduce mortgage-loan balances as much as 30% for thousands of troubled borrowers, in what could presage a wider government effort to encourage banks to offer debt reduction to ease the mortgage crisis, The.

 · FROM my article last week, I got a few more homeowners calling about the same scenario, I thought of researching more of how you can research and find out if you can qualify. As part of Bank of America’s ongoing efforts to help customers in need of mortgage assistance, this.

In addition to forgiving the debt, Bank of America also agreed to report the accounts. or any other inaccuracies, contact us at Credit Repair Lawyers of America.

Last February, the federal government and 49 state attorneys general reached a $25 billion deal with the country’s five largest mortgage servicers – Bank of America. than the debt that is owed. Not.

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