Bank of America set to write down principal on California mortgages

You might also check with Bank of America as I read that if the debt forgiven was taxable to you (non extension of mortgage debt relief act) that per last years settlement that Bank of America would provide tax assistance per their agreement. I read the actual settlement agreement and the language for this is in there. I hope this can help you.

Bank of America will begin a new pilot program in the next few weeks, allowing some California homeowners to receive a principal writedown on their mortgage. The program will be funded from the $699.6 million the California Housing Finance agency received fromtreasury department’s Hardest Hit Fund last year. A spokesperson for the CalHFA said there is no set amount of loans BofA is targeting, but the bank will be soliciting eligible homeowners soon.

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Rep. Frank said banks’ reluctance to write down second mortgages is hurting government efforts to reduce the primary (first) mortgage balances of many borrowers who owe farm more on their loans than the current values of their homes. Reducing the mortgage balance typically requires cooperation from both the first- and second-mortgage holders.

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The biggest issue still facing home owners and the economy is the refusal of Fannie Mae and Freddie Mac to write down principal balances. Banks that have fiercely resisted reducing principal owed.

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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