Bank of America to Forgive Some Mortgage Debt

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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.

How to Get Your Mortgage Loan Forgiven: Mortgage Forgiveness Debt Relief Act (2014)  · Bank of America, in pursuing its goals, has told a number of borrowers that it intends to “forgive” some loans that have been discharged in borrowers’ bankruptcies. But that debt has already been forgiven. Patti Coleman, a Florida borrower, received a letter from Bank of America this year.

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Bank of America to forgive mortgage debt – 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.

Bank Of America May Forgive Part Of Your Mortgage. The bank, the largest mortgage servicer in the country, said Wednesday that it will forgive up to 30 percent of some customers’ total mortgage balance. The homeowners must have missed at least two months of mortgage payments and owe at least 20 percent more than their home is currently worth. The.

 · Bank of America to forgive 150,000 second liens Bank of America is erasing the debt on 150,000 second liens for mortgage borrowers in financial difficulty, the lender has announced. The move completely extinguishes the unpaid balance on second lien debt for qualified homeowners, who are being informed of their eligibility by mail.

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 · Bank of America reduced about $7 billion of first-lien principal and cut $9.8 billion of home-equity debt, the company said today in a statement. wells fargo said it cut about $1.7 billion of.

CHARLOTTE, N.C. (Reuters) – Bank of America Corp has agreed to forgive some bad mortgage loans and the U.S. government is pushing other lenders to follow suit, but on a scale too small to make much of.

WASHINGTON – The billion settlement that Bank of America. the mortgage balances of certain borrowers who owe more than their homes are worth. The problem is that some of these "underwater".