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Bank of America to Forgive Some Mortgage Debt

Specifically, Bank of America has agreed to forgive $10 billion in mortgage loans. After bankruptcy, homeowners celebrate Bank of America forgiving second mortgages. Obviously Bank of America doesn’t want to forgive the loans of people who are paying them-they are a bank after all-they lend money at interest hoping to get more back.

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Bank of America Corp (BAC.N) has agreed to forgive some bad mortgage loans and the government is pushing other lenders to follow suit, but on a scale too small to make much of a dent in the nation’s.

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Bank of America Debt Forgiveness. According to the bank’s plan, borrowers could receive a waiver of up to 30 percent of the principal balance, over a five year period, as the borrowers kept up with their modified payment plans. Eligible borrowers have to be at least 60 days late on their mortgage along with meeting other qualifications.

The bank will identify mortgages that may be eligible for these solutions and proactively contact those customers to ascertain their interest in a modification and to request documents necessary to determine actual eligibility. Bank of America to Forgive Some Mortgage Debt

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Your debt-to-income ratio (DTI) helps lenders decide whether to approve your mortgage application. But what is it exactly? Simply put, it is the percentage of your monthly pre-tax income you must spend on your monthly debt payments plus the projected payment on the new home loan.

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Bank of America will begin forgiving a portion of mortgage debt for some homeowners facing foreclosure, a report in the New York Times said. The bank would pick people through invitation only, and the maximum reduction would be 30 percent of the value of the loan, according to the report.