Bank of America to Forgive Some Mortgage Debt

BOA eliminates the full unpaid principal balance on some 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."

Bank of America announced late Friday that it is in the process of mailing. closed, it will no longer get in the way of any foreclosure proceedings.. for a deficiency judgment, though the forgiveness of debt could trigger a tax.

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How To Learn Tax Impact Of Mortgage Principal Forgiveness. Bank of America, under continued pressure from federal authorities to do more to help troubled homeowners, recently said that it will begin reducing some of the principal on certain troubled mortgages.

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The last thing that mortgage companies want to do is forgive their customers’ debts. Bank of America will make an exception for a few borrowers. Around 45,000 homeowners will be offered reductions.

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 federal income tax liabilities for customers.

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