BofA Give-Away Has Few Takers Among Homeowners: Mortgages [Foreclosuregate] - MarketTicker Forums


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User Info	BofA Give-Away Has Few Takers Among Homeowners: Mortgages in forum [Foreclosuregate]
End_the_bubbles Posts: 9515 Incept: 2009-03-25 The New 3rd World	Quote: By Hugh Son - Jul 11, 2012 9:13 AM PT When Bank of America Corp. sent letters to 60,000 struggling homeowners offering to slice an average $150,000 off their loans, the lender got an unusual response from most of them: silence. More: http://www.bloomberg.com/news/2012-07-11.... ---------- In the long run even the most despotic governments with all their brutality and cruelty are no match for ideas. Eventually the ideology that has won the support of the majority will prevail and cut the ground from under the tyrant's feet and rise in rebellion to overthrow their masters. 2012-07-11 13:39:57 Permalink
Randy123 Posts: 5767 Incept: 2008-09-24 Earth	They are predators. Do not do business with any TBTF bank. ---------- China is the Enemy. Wake Up. New Normal. Same As The Old Awful. 2012-07-11 13:48:33 Permalink
Pika-steph Posts: 54694 Incept: 2007-09-11 Live Free Or Die; US Army Est. 1775	Quote: Housing advocates say that relying on the same companies that committed loan servicing abuses to avert foreclosures may result in yet another program that helps fewer people than intended. Whocuddanoed?!! ---------- Stop the Looting; Start Prosecuting - http://www.FedUpUSA.org/ "The only regulation that really works is failure."--Rick Santelli 2012-07-11 16:00:18 Permalink
Swingtrader Posts: 9108 Incept: 2007-08-12 United Oligarchic Goldman Sachs States of America	Well, that goes to show you how many people have lost faith and trust in the system. Rightly so, they don't trust the ***ers! ---------- Swing said "Well, it is collapsing as we watch.This is what it looks like." Australian federal judge Jayne Jagot, doing what US judges need to do! 2012-07-11 16:18:49 Permalink*
Steinbeck Posts: 115 Incept: 2009-03-04	Here's a thought. The borrow thinks "Hmm, I've not been paying my mortgage for a couple of years and have a lot more free cash. You want to to reduce my loan by $150K and start making payments again. That 'loan forgiveness' will count as 'income' by the IRS and I'll have to immediately pay $30K+/- in additional taxes this year." If I were in that situation, I'd say "No Thanks" as well; but likely wouldn't use such polite terms :-) 2012-07-11 23:14:19 Permalink