Bank of America to Forgive Some Mortgage Debt

It’s been a rough couple of weeks for Bank of America, the largest U.S. bank in terms of assets. On Monday, New York attorney general eric schneiderman launched a formal probe into the financial.

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Finally, Bank of America has agreed to place over $490 million in a tax relief fund to be used to help defray some of the tax liability that will be incurred by consumers receiving certain types of relief if Congress fails to extend the tax relief coverage of the Mortgage Forgiveness Debt Relief Act of 2007.

TALLAHASSEE – The U.S. Department of Justice announced a record settlement with Bank of America on. away second-loan debt. Although Thursday’s announcement and the 2012 National Mortgage Settlement.

The 2008 housing crisis hit so many homeowners so hard that creditors may reduce the principal on your mortgage to keep you from defaulting. Banks can forgive some mortgage principal in part because the government has a program with billions of dollars in funding to promote partial cancellation of loans.

Bank of America Forgiving Second Mortgages. Bank of America recently announced that it will be forgiving 2nd mortgages, for some homeowners, "under Bank of America’s participation in the 2012 national mortgage settlement." We will be writing more about the 25 billion dollar National Mortgage Settlement soon, but, for now, here is part of BOA’s recent press release:

“At nearly $17 billion, today’s resolution with Bank of America. some of the tax liability that will be incurred by consumers receiving certain types of relief if Congress fails to extend the tax.

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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.

Congress created a temporary exception to this tax code rule solely for distressed homeowners – the Mortgage Forgiveness Debt Relief Act. Thousands of Bank of America borrowers covered by the.

WASHINGTON (Reuters) – The Obama administration on Friday announced a $14 billion effort to try to stem a rising tide of home foreclosures by giving lenders incentives to erase some mortgage debt and.