News

**LoP Guest** lop guest User ID: 94462 05-09-2012 02:30 AM

Just2Laws Wrote:

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.

Divide and Conquer

Turn us all into a hate your fellow man, us and them mentality.

.

**LoP Guest** lop guest User ID: 95041 05-09-2012 02:41 AM

Indigenous Intelligence Wrote:

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!

Hey it pays not to pay your mortage ,you get good deals like that

**Full Bloom** · **Full Bloom** Subscriber User ID: 77452 05-09-2012 02:43 AM **Posts: 1,792**

Mike In SATX Wrote:

Grendelmort Wrote:
Luvapottamus Wrote:
I call bullshit.

They're gonna foreclose on these suckers.

Then Uncle Sam will tax them for a capital gain.

^^THIS^^
Any forgiven debt would be considered "income" by the IRS. So if your forgiven debt was $150,000 and your yearly income was $25,000 - you just got propelled into the $175k tax bracket and next tax season you would owe the IRS $17,500 if your tax was 10% (it would probably be higher).
Also, you can bet there is some fine print in the new agreement / contract that says if the house is ever sold BoA get's the money.

The unintended consequences? Hmmm...

Oh it was certainly intended! They want them with IRS debt instead so they can garnish their wages more easily.

Not only that but BOA will be able to use this as a tax write off due to a loss.

**Full Bloom** · **Full Bloom** Subscriber User ID: 77452 05-09-2012 02:45 AM **Posts: 1,792**

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?

Exactly Correct!!!!!!!!!!!!!
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.

**Mike In SATX**

CrispyDave Wrote:

[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.

Good point. Either way, those people are screwed...
Srjceahd

**Mike In SATX**

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...

Aaaaggghhhh...forgot about that. What a convoluted mess this is.

**LoP Guest** lop guest User ID: 95401 05-09-2012 03:04 AM

They're gonna end up payin all of us a lot more than that when Ron Paul ends their role in the fiat money system.

**LoP Guest** lop guest User ID: 71656 05-09-2012 03:05 AM

Luvapottamus Wrote:

I call bullshit.

They're gonna foreclose on these suckers.

Then Uncle Sam will tax them for a capital gain.

This sounds more like Amerika!!!!!!

**Faydra**

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.

**LoP Guest** lop guest User ID: 95105 05-09-2012 03:46 AM

I Love Cats Wrote:

Mike In SATX Wrote:
Grendelmort Wrote:
^^THIS^^
Any forgiven debt would be considered "income" by the IRS. So if your forgiven debt was $150,000 and your yearly income was $25,000 - you just got propelled into the $175k tax bracket and next tax season you would owe the IRS $17,500 if your tax was 10% (it would probably be higher).
Also, you can bet there is some fine print in the new agreement / contract that says if the house is ever sold BoA get's the money.

The unintended consequences? Hmmm...

Oh it was certainly intended! They want them with IRS debt instead so they can garnish their wages more easily.

Not only that but BOA will be able to use this as a tax write off due to a loss.

yep
boa is government
they're just doing a switcheroo
boa can't collect
irs can
simple
right hand meet left hand
now you have to pay
irs will be the new collection enforcement arm of the banks

already
if you lose your house
and the bank sells it
they can send you a 1099 for earned income (at the bank's discretion)
counting the difference between what you owed and what it sold for as "income"
so many already owe the irs for that
that's how they got so many who left their homes
now this is how they can get those who hung in there and are still trying to pay
and those who are doing fine, just wait
you're next
don't think the banks have forgotten about you
chuckle

**LoP Guest** lop guest User ID: 95410 05-09-2012 03:52 AM

BofA said they will do this for about 5,000 borrowers - just about enough to cover 1/10 of the people with mortgages with BofA in my county. YOU will not get debt reduction.

Pi Infinity User ID: 3.14159265 05-09-2012 03:56 AM

Faydra Wrote:

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.

The Crash is a coming

**LoP Guest** lop guest User ID: 95411 05-09-2012 03:58 AM

Watch Barry Soetoro aka Barack Obama get up Tomorrow and say look what I did for the Amrican people, now vote for me again.

**Full Bloom** · **Full Bloom** Subscriber User ID: 77452 05-09-2012 04:03 AM **Posts: 1,792**

This stunt is to make it look like a recovery is in site due to election year.

**Rose** · (This post was last modified: 05-09-2012 04:31 AM by Rose.)

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

Storm and I have given up a *lot* to have a very small house. If those people are needing an average reduction of $150,000, they almost guaranteed have a much larger, nicer house than we do. We could have had a bigger house with the same mortgage payment if we'd been irresponsible. It sucks when responsibility is penalized. .