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.

Arizona homeowners eligible for $6.6 million from HSBC. About 3,335 Arizona consumers are eligible for $6.6 million from a settlement with mortgage firm HSBC over bad foreclosure and loan dealings.

The report says the Palestinian economy is being hit hard by a sharp drop in international support to the Palestinians, a tax.

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To mitigate losses suffered by homeowners victimized by deceptive practices during the mortgage and foreclosure crisis, the Attorney General obtained broad-ranging settlements from three major banks in 2013 and 2014. The settlements were with Bank of America, Citibank and JPMorgan Chase & Co. and related to their packaging, marketing, sale, and issuance of residential mortgage backed securities.

Attorney General Eric Holder and associate attorney general tony West announced today that the Department of Justice has reached a $16.65 billion settlement with Bank of America Corporation – the largest civil settlement with a single entity in American history – to resolve federal and state claims against Bank of America and its former and current subsidiaries, including Countrywide.

Tax deductions for homeowners have changed. If you’re used to claiming a mortgage interest deduction, tax changes for 2019 (tax year 2018) may have a big effect on you. HouseLogic tells what the new federal tax laws will mean for you.

Erik and Renee Sundquist have won their eight year long battle with Bank of America illegally foreclosing on their home, reaching a $6M settlement. Oppenheim Law shares more here.

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Another advantage is that Bank of America considers "charge-offs" as a cost of doing business and they receive tax benefits for the written off debt. So if you are sued and find yourself defending a Bank of America credit card lawsuit, a debt settlement could be a "win-win" for you and Bank of America.