Legal Question in Real Estate Law in Florida

Is Mortgage Principal Forgiveness offer from Bank of America legitimate? The way the packet is worded leaves everything open for the possibility of changes made to the agreement that could potentially be significant.


Asked on 2/19/15, 12:32 pm

1 Answer from Attorneys
Joseph Brien THE PEOPLE'S ADVOCATE

Yes. They not too common; however, they do happen. Beware that a 1099C Cancellation of Debt is most like coming next year. You should have a competent attorney review the document and explain it. Also talk to a tax specialist on the 1099C. The IRS webpage has good publications on this tax issue and there is a real possibility that you not incur a tax liability if the matter is handled right.

Joseph Brien, Esquire

THE PEOPLE'S ADVOCATE

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Answered on 2/19/15, 12:40 pm


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