Bank of America to Forgive Some Mortgage Debt

After Bankruptcy: Why did Bank of America Forgive My Second Mortgage? Posted by Robert Weed / in After Bankruptcy , General Information About Bankruptcy Law / 61 comments Lots of people, in current or recent bankruptcy , are getting letters from Bank of America forgiving their second mortgages.

The banks’ mortgage units also continue to draw lawsuits. Last month, Bank of America announced it would forgive the second-lien mortgages. accounting rule that governs how banks value their debt..

For these homeowners, shedding excess mortgage debt can mean the. to expect that more than a few underwater Bank of America homeowners will receive a. borrowers, but he hasn't changed on forgiving mortgage debt.

(These are borrowers who owe more on their mortgages than their homes are worth.) When that type of debt forgiveness takes place, whoever owns the loan takes a hit because they don’t get paid as much.

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 · Bank of America has started sending letters to thousands of homeowners in the United States, offering to forgive a portion of the principal balance on their mortgages by an average of $150,000 each.

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.

No, it does not. Bank of America is a bank in the business of making money, not helping you save your own. You best option would be to find a reputable debt relief company or an accountant.

Mortgage bonds packed with crisis-era home loans have dwindled to just $431.5bn from their 2007 peak of more than $2.3.

Short Sale of Home. You can exempt up to $2 million if you are married filing a joint return for mortgage debt forgiveness. The mortgage loan must have been to buy or improve the property. The lender will still send a Form 1099 C indicating the forgiven amount; you need to account for this when filing your taxes.

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