Bank of America to Forgive Some Mortgage Debt

Bank of America to Write Off Principal on Some Mortgages Bank of America (BofA) will forgive up to 30 percent of the balance owed on certain at-risk mortgages as part of its loan modification efforts to assist homeowners in avoiding foreclosure, the bank has announced.

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Marcy Gordon WASHINGTON – With defaults on credit card debt spiraling amid a global financial downturn, banks already reeling from the mortgage crisis are losing. Discover Financial Services LLC,

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.

Banking, credit card, automobile loans, mortgage and home equity products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend.

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Bank of America Debt Forgiveness. According to the bank’s plan, borrowers could receive a waiver of up to 30 percent of the principal balance, over a five year period, as the borrowers kept up with their modified payment plans. Eligible borrowers have to be at least 60 days late on their mortgage along with meeting other qualifications.

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.

The Impact Staging Your Home Has On Your Sale Price [INFOGRAPHIC] The Impact Staging Your Home Has On Your Sale Price [INFOGRAPHIC] by The KCM Crew on May 24, 2019 in First time home buyers, For Buyers, For Sellers, Housing Market Updates, Move-Up Buyers

Hashing out the billion settlement reached by Bank of America Corp., JPMorgan. $1.5 billion in payments to some 750,000 borrowers who lost their homes to foreclosure. About $17 billion will pay.

The report from the Office of mortgage settlement oversight showed that Bank of America had faltered in one key area. The largest amount of relief came in debt forgiveness as part of short sales,