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While customers who have filed for bankruptcy and receive a discharge of their second lien mortgage debt obligations are no longer personally liable for the debt, the bank still remains a lien holder to the extent of the remaining balance on the second lien. Once the debt is cancelled and the lien extinguished or released (subject to court approval, if required), the bank relinquishes any further monetary or collateral claim to the property.

This reduces the debt attached to the property and may provide the opportunity for the borrower to build equity in their home. Because the underlying personal obligation for the debt was discharged in bankruptcy, the bank will not report debt forgiveness to the IRS as need cash fast with bad credit a result of this transaction. Customers should review information on credit scores at In the event debt is discharged through bankruptcy, the credit bureaus normally reflect that event as a loan or a debt discharge in lowest interest personal loan a bankruptcy filing. How will Bank of America help customers who are still in need of assistance following the elimination of their second lien mortgage with the bank? We want to work with customers to address their financial needs, especially if they are in need of assistance. Customers can always visit one of the 50 Customer Assistance centers in cities need emergency cash now around the country or call 1. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer The following paragraph is an example of that. BOA is not doing this to help borrowers as much as it is to help themselves. Because BOA receives a cash incentive from Treasury for each extinguishment, per the settlement agreement. The goal is to help customers remain in their homes and avoid foreclosure whenever possible. By eliminating this debt for eligible customers, we are trying to help them get back on track financially with their first mortgage payments and return to sustainable home-ownership. BOA is not doing this to help borrowers as much as it is to help themselves. Because BOA receives a cash incentive from Treasury for each extinguishment, per the settlement agreement. The goal is to help customers remain in their homes and avoid foreclosure whenever possible.

By eliminating this debt for eligible customers, we are trying to help them get back on track financially with their first mortgage payments and return to sustainable home-ownership. Thanks for your post, that is precisely why I included the link from which it came at the bottom of my post. I felt it important to lay it all out lowest interest personal loan here in one place so that we are able to link to it from within the forum should questions arise.


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The comments by how to get loan me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer why all the help for second lien i have never had second lien just a 1st i was sent a fedx letter saying met all requirement and sent it back with all they ask for did not hear a word just sent me foreclourser papers i lowest interest personal loan call and ask way neg npv test and what they put in was wrong? To qualify, customers must currently have lowest interest personal loan a second instant payday loans no credit check no broker lien bad credit personal loans edmonton mortgage owned and serviced by Bank of America.

To qualify, customers must currently have a second lien mortgage owned and serviced by Bank of America. No, the settlement is for the second liens that are owned and serviced by one of the five lenders named in the settlement.

The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

Please Read our Privacy Policy and Legal Disclaimer In regard to the regulations ordained by the courts for the D. I interpret that to mean that if the investor has given Bank of America authority to service their loans, then I may be eligible. Also, I have seen on other threads - success stories of second lien extinguishments that are only serviced by BofA and not owned by them. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here payday loan advance is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem.

The opinions expressed at or through this site are the opinions of the individual author and lowest interest personal loan may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer In regard to the regulations ordained by the courts for the D. I interpret that to mean that if the investor has given Bank of America authority to service their loans, then I may be eligible.

Also, I have seen on other threads - success stories of second lien extinguishments that are only serviced by BofA and not owned by them. That applies to the modification of first liens, not the forgiveness of the second liens that these letters are being sent for. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet.

You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

Please Read our Privacy Policy and Legal Disclaimer That applies to the modification of first liens, not the forgiveness of the second liens that these letters are being sent for. I am attempting a DOJ mod on the first through SLS, and at one time they told me that BOA 500 loans no credit check was reviewing my file.

I did stop paying on them in the begining of this year. I will keep you posted if the other two get extinguished one is a fixed Heloc and is being taken of my account directly every month, wondering if I should stop paying that one or take of the automatic payment. I did stop paying on them in the begining of this year. I will keep you posted if the other two get extinguished one is a fixed Heloc and is being taken of my account directly every month, wondering if I should stop paying that one or take of the automatic payment. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at lowest interest personal loan or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Does anybody have any information on whether any of the other lenders are doing this? I have a HELOC that was originated with Charles Schwab and until last month was still with them. I am current but am seriously considering not making the payment on the HELOC. Also, the ex is still on the loan but not on title.

Does anyone have any info on whether I can negotiate her credit out of this and take the entire hit myself? Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. Hello everyone, been a member for a longtime here just reading all the stories. Long story short, like everyone else the market tanked.


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The first mortgage is under my mothers name and the heloc is under my name. I completely ignored them and still have ignored them.

Should I contact them and see if they own the debt? When the loan is charged off, it is written as a loss for the lenders. Once the second mortgage is charged off, the debt is no longer secured and is unsecured. The charge off will stay there for seven years from the date of last activity which is normally the charge off date. The lien will remain payday loans in nashville tn until you sell and at that time you will have to have had it settled and or settle it then somehow. The only way to get it removed is to settle the debt and or sell the home.

The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet.

You should contact your attorney to obtain advice with respect to any particular issue or problem.

The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save best places to get a loan their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. So it looks like the code on the letter does not mean anything.

All these subprime deals are being called and the new junk bond buyer want to clean up the loan portfolio to re-securitize to realize his profits.

So it looks like the code on the letter does not mean anything. All these subprime deals are being called and the new junk bond buyer want to clean up the loan portfolio to re-securitize to realize his profits. If Bank of America wants the house and all the repairs it needs, they can have it. So it looks like the code on the letter does not mean anything. All these subprime deals are being called and the new junk bond buyer want to clean up the loan portfolio to re-securitize to realize his profits. If they foreclose, no added 1099 income for us, and we just move into one of our rentals until we can buy in 3 years with an FHA loan.

So many people got attached to the house and make bad deals with the Bank and sorry later. Most of them take 3 years or more from filing date to the sale (plus 6 months of redemption) so I am golden, my kids will be all gone in 2 years. If they foreclose, no added 1099 income for us, and we just move into one of our rentals until we can buy in 3 years with an FHA loan.