Huge tax bill for homeowners who receive BofA settlement?

The new big-bank mortgage settlement can potentially help up to 2 million homeowners. The February 9 th settlement between the attorneys general and the five largest mortgage lenders finally brings the case to a close and within the settlement, there are some customer friendly provisions.

But that tax break expired in December, and now that kind of relief can be counted as income by the Internal Revenue Service. "That’s why the Department secured a commitment from Bank of America to pay a portion of the settlement – over $490 million – to defray some of this tax liability," U.S. Attorney General Eric Holder said.

This website provides information on the joint state and federal Settlements involving residential mortgage foreclosures and loan servicing. For information about the settlement for which you may be eligible, begin by locating your Mortgage Servicer – the entity to which you sent your monthly Mortgage Payments up until your foreclosure – from the list below, or clicking on the name of the.

Ocwen unveils new principal reduction program This prompted Josh Bersin, Founder and Principal. as well as onsite learning programs, a library focused on the HCM domain, blog content on industry-leading best practices and one-hour training.

Settle a Debt Last Year? Here’s How You Can Avoid a Big Tax Bill. And that triggers the prospect of a big tax bill for you.. short sale or debt settlement, you’ve likely already received a.

Bank of America and the Department of Justice are negotiating the terms of a potential settlement of more than $16 billion over soured mortgage bonds. As Bank of.

CoreLogic launches loan fraud analysis software The Loan Origination System (LOS) is developed specially to support the loan application processing needs of banks and financial institutions. It employs workflow technology to control and monitor the various work steps in the loan processing and uses digital imaging technology to reduce the delays and inefficiencies in handling paper documents.Investors Unite hosts conference on Fannie, Freddie path out of conservatorship  · The Liberals blame the repeal of Glass Steagall and the Republicans blame the Community Reinvestment Act which they say forced banks to give minorities mortgages. But why have I never heard anybody blame it on Bush’s OCC which I think is the ultimate partner in crime. Here’s a great article that explains the 2 main steps. 1.

Too Big to Tax: Settlements Are Tax Write-Offs for Banks. But here’s the twist. It turns out that banks are also too big to tax: Windfall tax deductions set against the civil settlements imposed by the justice department total more than $44 billion, according to Newsweek estimates.

Sign in to your Online Banking account by entering your Online ID. Skip to main content. Sign In. Secure Area. By providing your mobile number you are consenting to receive a text message. text message fees may apply from your carrier.. Bank of America, N.A. Member FDIC..

Bank of America has paid more than $210 million in disclosed settlement agreements to resolve discrimination claims since 2000 – more than any other employer, according to an analysis by.