News

**Black H@t**

Well I guess the American Economy is going to crash soon. So BOA wants to look like they are friends to the American people by doing this, but deep down they know what is to come. doomed

**Vegas** · **Vegas** Crisis Actor User ID: 50831 05-09-2012 01:18 AM **Posts: 18,548**

I think I read somewhere that the capitol gain for forgiven mortgage debt is on hold until at least the first of the year... Not positive about that however... If that kicks in, it will be an amount of money most people will never be able to pay which puts them under the IRS thumb forever with a Federal Tax Lien...

You can't even BK your way out of those... A lot of people would be better off to do a Deed In Lieu before that became effective...

**LoP Guest** lop guest User ID: 65431 05-09-2012 01:26 AM

Mike In SATX Wrote:

Bank of America has started sending letters to thousands of homeowners in the United States, offering to forgive a portion of the principal balance on their mortgages by an average of $150,000 each.

http://finance.yahoo.com/news/bank-ameri...02589.html

Of course, this is only for BOA customers who purchased a home above what they could afford, and they're at least 60 days past due.

$25 Billion...how much you wanna bet that BOA still produces a profit?

it's only for those who are upside down in their mortgages
so their worth was all ready pumped up way more then they were worth
yea - so pumped up they will still make money.
and dont forget - they will charge you for it - they will add it back into
the house payment,,dont you worry! chuckle

**LoP Guest** lop guest User ID: 65431 05-09-2012 01:27 AM

Black H@t Wrote:

Well I guess the American Economy is going to crash soon. So BOA wants to look like they are friends to the American people by doing this, but deep down they know what is to come.

could be - they are not your friendly bankers

**CrispyDave**

[quote='Mike In SATX' pid='3336964' dateline='1336516419']
Bank of America has started sending letters to thousands of homeowners in the United States, offering to forgive a portion of the principal balance on their mortgages by an average of $150,000 each.

What you dont read is if the person who gets the letter and does not act on it they miss the chance.

The way to minimize their losses is to make the BofA notification look like junkmail and most people will throw it out and be left out in the cold.

**GeekOfTheWeek**

Rule of thumb, NOTHING is free :-) You bet there's going to be a catch.

**Vegas** · **Vegas** Crisis Actor User ID: 50831 05-09-2012 01:39 AM **Posts: 18,548**

Vegas Wrote:

I think I read somewhere that the capitol gain for forgiven mortgage debt is on hold until at least the first of the year... Not positive about that however... If that kicks in, it will be an amount of money most people will never be able to pay which puts them under the IRS thumb forever with a Federal Tax Lien...

You can't even BK your way out of those... A lot of people would be better off to do a Deed In Lieu before that became effective...

People who have lost their homes through foreclosure or who have restructured their mortgage loans may qualify for tax relief under a new tax law, the Mortgage Forgiveness Debt Relief Act of 2007. The tax relief was extended to cover the years 2007 through 2012 under the Emergency Economic Stabilization Act.

http://taxes.about.com/od/income/qt/canceled_debt.htm

**Gibbie** · **Gibbie** ^D ^D ^D whoa User ID: 49076 05-09-2012 01:40 AM **Posts: 7,187**

LoP Guest Wrote:

Mike In SATX Wrote:
Bank of America has started sending letters to thousands of homeowners in the United States, offering to forgive a portion of the principal balance on their mortgages by an average of $150,000 each.

http://finance.yahoo.com/news/bank-ameri...02589.html

Of course, this is only for BOA customers who purchased a home above what they could afford, and they're at least 60 days past due.

$25 Billion...how much you wanna bet that BOA still produces a profit?

it's only for those who are upside down in their mortgages
so their worth was all ready pumped up way more then they were worth
yea - so pumped up they will still make money.
and dont forget - they will charge you for it - they will add it back into
the house payment,,dont you worry!

Someone at BOA figured that a write off is worth more to them than dumping all these forclosed homes on the market collapsing prices even further.

Like has been said the party is over when tax time comes. Scream1

for the home owners of course.. BOA might even come out ahead if they game the system right.

**Vegas** · **Vegas** Crisis Actor User ID: 50831 05-09-2012 01:46 AM **Posts: 18,548**

Gibbie Wrote:

LoP Guest Wrote:
Mike In SATX Wrote:
Bank of America has started sending letters to thousands of homeowners in the United States, offering to forgive a portion of the principal balance on their mortgages by an average of $150,000 each.

http://finance.yahoo.com/news/bank-ameri...02589.html

Of course, this is only for BOA customers who purchased a home above what they could afford, and they're at least 60 days past due.

$25 Billion...how much you wanna bet that BOA still produces a profit?

it's only for those who are upside down in their mortgages
so their worth was all ready pumped up way more then they were worth
yea - so pumped up they will still make money.
and dont forget - they will charge you for it - they will add it back into
the house payment,,dont you worry!

Someone at BOA figured that a write off is worth more to them than dumping all these forclosed homes on the market collapsing prices even further.

Like has been said the party is over when tax time comes. for the home owners of course.. BOA might even come out ahead if they game the system right.

Most people forget that most of these loans have mortgage insurance (PMI) on them guaranteed by the Federal Government... The banks losses will just be rolled over to the taxpayers...

**Gibbie** · **Gibbie** ^D ^D ^D whoa User ID: 49076 05-09-2012 01:55 AM **Posts: 7,187**

Vegas Wrote:

Gibbie Wrote:
LoP Guest Wrote:
it's only for those who are upside down in their mortgages
so their worth was all ready pumped up way more then they were worth
yea - so pumped up they will still make money.
and dont forget - they will charge you for it - they will add it back into
the house payment,,dont you worry!

Someone at BOA figured that a write off is worth more to them than dumping all these forclosed homes on the market collapsing prices even further.

Like has been said the party is over when tax time comes. for the home owners of course.. BOA might even come out ahead if they game the system right.

Most people forget that most of these loans have mortgage insurance (PMI) on them guaranteed by the Federal Government... The banks losses will just be rolled over to the taxpayers...

America, land of the grasshoppers.

Sucks to be an ant.

I should have been a spider and eaten them all.

**freebyrd**

The Lucky AC Wrote:

I am glad I lived within my means.
I am glad I saved and saved, foregoing luxuries like quality food and nice gifts for my family.
I am glad I worked 2 jobs.
It allowed me to buy a modest home and not be in debt.

After all, those actions allowed me to pay for outrageous taxes, bond measures, and levies which pay for most of the resources used by the people about to get a huge freebie.

yup, i saw this shit coming 7 years ago and said f*ck it, went on a lavish spending spree because bush told us to fight terrorism we should shop
my enspiron or whatever you call it credit ratings were all in the 800's
but by the time i was done it was completely f*cked. chuckle

but i used their worthless credit to buy hard assets like property vehicles guns you name it

i tried to pay for a while but ended up letting most of it be charged off
now they are sending me credit apps again
ahh....the american dream Heartflowers

play the f*cking system boys and girls, your bailout won't come in a nice tidy package from the federal reserve, but your debt will be charged off eventually

**entropy**

Mike In SATX Wrote:

Bank of America has started sending letters to thousands of homeowners in the United States, offering to forgive a portion of the principal balance on their mortgages by an average of $150,000 each.

http://finance.yahoo.com/news/bank-ameri...02589.html

Of course, this is only for BOA customers who purchased a home above what they could afford, and they're at least 60 days past due.

$25 Billion...how much you wanna bet that BOA still produces a profit?

Of course, otherwise they wouldn't do it. Same reason gas stays higher than it should be.

**LoP Guest** lop guest User ID: 95369 05-09-2012 02:17 AM

The only reason they would even consider doing this was because they were getting their asses sued off for fraudulent business practices such as rob signing and document creating.

**Indigenous Intelligence**

WTF?! FORECLOSE on the lazy motherfuckers that cannot pay!

If you do not I will burn their houses down because I am paying my mortgage. These dirt balls BETTER NOT get off because they do not pay.

This sucks! S977

**LoP Guest** lop guest User ID: 58637 05-09-2012 02:29 AM

Mike In SATX Wrote:

Bank of America has started sending letters to thousands of homeowners in the United States, offering to forgive a portion of the principal balance on their mortgages by an average of $150,000 each.

http://finance.yahoo.com/news/bank-ameri...02589.html

Of course, this is only for BOA customers who purchased a home above what they could afford, and they're at least 60 days past due.

$25 Billion...how much you wanna bet that BOA still produces a profit?

Reward the retards. Great motivation for anyone to be anything other than a shitty, stupid human.

S977