Mortgage Forgiveness and Bankruptcy Bank of America mortgage forgiveness and bankruptcy Recently we have written about Bank of America forgiving second mortgages and the National Mortgage Servicer Settlement. Many homeowners facing foreclosure are anxious to find out if their second mortgage will be forgiven by Bank of America. Well, it appears that one pattern may have emerged. […]
Read MoreBank of America Forgiving Second Mortgages BOA eliminates the full unpaid principal balance on some second mortgages. Bank of America recently announced that it will be forgiving 2nd mortgages, for some homeowners, “under Bank of America’s participation in the 2012 national mortgage settlement.” We will be writing more about the 25 billion dollar National Mortgage […]
Read MoreCan you stop paying your second mortgage? Sure. Should you stop paying your second mortgage? Maybe not. The prevailing theory is that if your home is worth less than what you owe on your 1st mortgage it is highly unlikely that the holder of your 2nd mortgage will bring a foreclosure action against you. Well, […]
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