Bank of America to forgive mortgage debt !! 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.

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When five giant mortgage firms signed a landmark -billion mortgage settlement last year, officials hailed debt forgiveness as the primary. from the three biggest mortgage servicers – Bank of.

In a rather disturbing trend, some banks are beginning to forgive portions of the principle owed on mortgages in arrears. In any case, if idea of debt forgiveness continues to take hold don’t be.

For pay-option ARM customers, Bank of America will offer to forgive some or all of the debt that was added as negative amortization. If all of the negative-amortization debt is erased, the customer.

NEW YORK ( — Bank of America announced Wednesday that it will first look at reducing the loan balances of certain distressed homeowners with subprime or adjustable rate mortgages to make.

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.

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.

What is even more deceitful is the fact that the banks are informing the Internal Revenue Service of the non-existent debts they are intending to forgive. 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.

Bank of America to forgive some second mortgages October 4, 2012 By mrwilliamsburg 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.

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Trump to formally launch 2020 campaign on June 18 in Orlando, Florida Trump to formally launch 2020 campaign on June 18 in Orlando, Florida By Steve holland reuters washington (Reuters) – U.S. President Donald Trump announced on Friday he will be formally launching his 2020 re-election campaign on June 18 in Florida, beginning what may prove to be a difficult bid for another four years at the White House.