Good news folks….Great news in fact….more and more the banks are releasing borrowers from all liability….that’s good for them and good for the country! bofa
Previous PostFlorida's Second District Court of Appeals Will Hear Oral Arguments in the Hassell v. American Home Mortgage Servicing Case....
Next PostForeclosure Crisis 101 - April Charney And Matt Weidner At Sarasota's Council of Neighborhood Associations
So what. Who cares? BofA is forgiving a HELOC which they can’t collect anyway. The borrower, clearly under water, was able to fend off BofA to the point that the debt became uncollectable. So now as a result of the debt forgiveness the borrower is faced with a tax bill which which can’t be made to go away. This is just another way for the banks to punish debtors while at the same time appearing to be in compliance with the settlement. It accomplishes nothing other than to force the debtor into bankruptcy to avoid the IRS.
I have a Freddie Mac mortgage written by American Home Finance, serviced by Wells Fargo after going into MERS. Wells Fargo says I can’t get a principal reduction with a Freddie Mac. They’re dragging their heels on a modification too – putting up delays and roadblocks. Something doesn’t seem right. They have so many of layers they won’t answer me as to who has authority for anything. The only feeling I get is unless I have an Attorney I won’t get anywhere.
This is confusing. Are the banks giving Principal Reductions (all the banks?) or are they simply forgiving “deficiencies” if you accept the foreclosure ? I think your headline and statement need to be expanded on Mr W.
So what. Who cares? BofA is forgiving a HELOC which they can’t collect anyway. The borrower, clearly under water, was able to fend off BofA to the point that the debt became uncollectable. So now as a result of the debt forgiveness the borrower is faced with a tax bill which which can’t be made to go away. This is just another way for the banks to punish debtors while at the same time appearing to be in compliance with the settlement. It accomplishes nothing other than to force the debtor into bankruptcy to avoid the IRS.
I have a Freddie Mac mortgage written by American Home Finance, serviced by Wells Fargo after going into MERS. Wells Fargo says I can’t get a principal reduction with a Freddie Mac. They’re dragging their heels on a modification too – putting up delays and roadblocks. Something doesn’t seem right. They have so many of layers they won’t answer me as to who has authority for anything. The only feeling I get is unless I have an Attorney I won’t get anywhere.
This is crap and misleading!!!
how?
This is confusing. Are the banks giving Principal Reductions (all the banks?) or are they simply forgiving “deficiencies” if you accept the foreclosure ? I think your headline and statement need to be expanded on Mr W.