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.

 · 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.

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.

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1099-C Forgiveness of Mortgage Debt the_hammer Apr 19, 2011 7:35 PM What would be the tax requirements for someone when they recieve a 1009-C (forgiveness of debt) because they lost their home (foreclusure, short sale, etc.) when they were "upside down" and the bank forgave the difference?

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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.

 · Banks forgive phantom debt, homeowners face tax consequences.. Real Estate News | 3 . Do you think banks forgiving the second lien mortgage debt of some homeowners will help these homeowners stay in their homes? Yes. (64%, 154 Votes) No. (36%, 88 Votes) Total Voters: 242. Is your client one of the “lucky” few receiving Bank of America.

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It called for lenders to forgive some mortgage debt and allow loans to be refinanced into FHA-insured mortgages. The initiative flopped: In seven months, only one borrower got an H4H refi, because.