Bank of America to Forgive Some Mortgage Debt

2010-02-12  · However, the Mortgage Forgiveness Debt Relief Act of 2007 provides tax relief for some mortgage loans forgiven in 2007 through 2012. The Mortgage Forgiveness Debt Relief Act of 2007 allows taxpayers to exclude income from the discharge of debt on their principal residence.

Also called a variable-rate mortgage, an adjustable-rate mortgage has an interest rate that may change periodically during the life of the loan in accordance with changes in an index such as the U.S. Prime Rate or the London Interbank Offered Rate (LIBOR). Bank of America ARMs use LIBOR as the basis for ARM interest rate adjustments.

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Bank. some of the lower growth was intentional, for example the reduction of Service Charges to improve customer relationships. BAC’s Efficiency Ratio has continued to improve, from cost reduction.

Bank of America to forgive mortgage debt !! "The principal reduction offers from Bank of America Home Loans are the result of a billion settlement agreement earlier this year with 49 state attorneys general as well as federal authorities who had been investigating allegations of abuses over the handling of foreclosures."

Question: Dear Steve, In 2012 I stopped paying on a Bank of America visa credit card with an approximate balance of $24,000. I was unable to make continue making payments because I had been out of work for almost a year and so I was just trying to make my mortgage payments and cover costs.

Here is some information from the press release: 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.

Your debt-to-income ratio (DTI) helps lenders decide whether to approve your mortgage application. But what is it exactly? Simply put, it is the percentage of your monthly pre-tax income you must spend on your monthly debt payments plus the projected payment on the new home loan.

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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.