Huge tax bill for homeowners who receive BofA settlement?

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Banking, real estate and consumer groups are pressing for the move, warning that financially strapped homeowners will be hard-pressed to accept mortgage aid that comes with a big tax bill.

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BofA Withheld Insurance Funds, Homeowners Claim. The Cophers say they provided Bank of America with all of the information it requested and followed up with dozens of phone calls, but four years later, they still haven’t received a check from State Farm Fire & Casualty Co. According to the suit, Bank of America promised to release $10,000.

In 2012, state and federal authorities announced a $26 billion mortgage settlement with big banks. The bulk of the settlement, about $20 billion, went to one million American homeowners. bill by as.

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One month later, however, the couple received a new letter from the bank, and this one denied their modification request. The bank continued to bill. Bank of America was one of five large U.S. home.

WASHINGTON – The $17 billion settlement that Bank of America reached with the Department of Justice on Thursday sets aside billions in aid for some troubled homeowners.

The government monitor of the settlement reported recently that the banks had provided a total of about $10.6 billion in aid from March 1 through June 30. Nearly 140,000 homeowners received some..

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.

Weak Bank Foreclosure Abuse Settlement By Obama Admin Of the record-breaking .65 billion resolution, almost $10 billion will be paid to settle federal and state civil claims by various entities related to RMBS, CDOs and other types of fraud. Bank of America will pay a $5 billion civil penalty to settle the Justice Department claims under FIRREA. Story Continued Below POLITICO’s Jon Prior and Josh Gerstein. is raising similar issues with BofA’s potential settlement: “Having paid the bailout bill and suffered.

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.

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