South Florida homeowner has $570,100 mortgage forgiven by bank

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South Florida homeowner has $570,100 mortgage forgiven by bank

South Florida homeowner has $570,100 mortgage forgiven by bank

Palm Beach Post-

A client of Wellington foreclosure defense attorney Malcom Harrison may have cringed when he saw the Bank of America envelope in his mailbox. Instead, he’s more than half-a-million dollars out of debt.

The company, as part of the $25 billion agreement with the state attorneys general, is cancelling $570,100 in second mortgage debt the homeowner owed.

“You are approved for a full principal forgiveness of your Home Equity Account,” the Sept. 8 letter says in bold print.

Although the homeowner’s foreclosure will continue on the first mortgage, the second account will be reported as paid and closed, according to the letter.

[PALM BEACH POST]

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3 Responses to “South Florida homeowner has $570,100 mortgage forgiven by bank”

  1. Sarah says:

    Wow, that was a lot of money. And many, many other homeowners whose home is but a fraction of that amount? BOA taketh!
    No amount of positive publicity will help the soiled reputation of this TBTF. They make money, tons of it, by stealin’ houses.

  2. Charles Reed says:

    When you were not going to get anything from the loan that going to foreclose and your in a 2nd mortgage position in a market were the property value is under 50% of what is was, why would you not forgive this debt and apply it to the settlement.

    They are not helping anyone and is why this White House fails because they are stupid!

  3. This is one more scam against us smooks. The banks get credit for principal reduction intended to keep the homeowner in the house with the intent to put this on their required list as done. A record manipulating the order to do so with intent to keep the homeowner in the house, the same scam as the short sale scam, at the same time eliminating the second that is in the way. Which is what they want to do anyhow. To get to the first mortgage. See the article “Outrageous/The Short Sale Scam: Most Gong to Non -Recourse States that Bar deficiency judgement”. And the short sale is the homeowner giving up the house the bank is suppose to keep in the house not to be used to force them to sell to someone on a short sale the bank would have lost the money any how. Flippen Crooks.

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