Specifically, Bank of America has agreed to forgive $10 billion in mortgage loans. After bankruptcy, homeowners celebrate Bank of America forgiving second mortgages. Obviously Bank of America doesn’t want to forgive the loans of people who are paying them-they are a bank after all-they lend money at interest hoping to get more back.
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.
Bank of America Debt Forgiveness. According to the bank’s plan, borrowers could receive a waiver of up to 30 percent of the principal balance, over a five year period, as the borrowers kept up with their modified payment plans. Eligible borrowers have to be at least 60 days late on their mortgage along with meeting other qualifications.
When five giant mortgage firms signed a landmark $25-billion mortgage settlement last year, officials hailed debt forgiveness as the primary. from the three biggest mortgage servicers – Bank of.
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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.
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Banks charge off credit card debts that remain unpaid. If they sell the debt right away or later on, they would make an accounting adjustment at that time. Charge off happens as an accounting function. If Bank of America is later paid through a debt collector they hire, or sells the debt for say 9 cents on the dollar, they adjust the accounting.
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.