Bank of America to Forgive Some Mortgage Debt

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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President Bush Signs Legislation Protecting American Families From. President Bush Signs H.R. 3648, the Mortgage Forgiveness Debt Relief. to refinance their mortgage and pay no taxes on any debt forgiveness that they receive.. and your bank or lender forgives a portion of your mortgage, the tax.

Bank of America lends you $400,000. Then they say you only have to pay back $300,000. Bank of America has given you a $100,000 “bonus”-you owe taxes on that $100,000. (About $30,000 in taxes, depending.) Unlike your boss, who might forgive a loan of $1000, Bank of America is sure to issue you a 1099-C after the short sale. So the IRS KNOWS $100,000 in debt was forgiven.

I haven't paid any bills for about two years.one year on the HELOC, which was. Yes, chances are that the offer that BOA made to you to forgive the entire. Under the National Mortgage Settlement and other programs that BOA is. You will receive a 1099 from BOA to reflect the principal forgiveness but.

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Has Bank of America decided to play nice with underwater Bank. The bank now says that it will begin forgiving some borrowers some of their mortgage debt. Specifically, homeowners who got their.

Bank of America said on Wednesday that it would begin forgiving some mortgage debt in an effort to keep distressed. Housing and Urban Development officials have continued to study debt forgiveness.

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 Forgive Part Of Your Mortgage Bank of America Corp. has announced that it may forgive a part of the mortgage balance for borrowers who are facing foreclosure 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.