Relevant:
- Banks report $51 billion in consumer relief in mortgage settlement
- Why Millions Won't Get Help From Big Mortgage Settlement
- Five Questions: Will I Owe Taxes on Forgiven Mortgage Debt? - Developments
- $25B deal with banks over deceptive foreclosure practices sent to AGs as settlement nears
- Banks Slow To Implement Key Debt Relief Provision Of Mortgage Settlement
2012-09-07 — stltoday.com
``Troubled homeowners prefer short sales because the banks generally forgive the remaining debt -- the difference between the sale price and the amount owed on the mortgage. The $30 million from the settlement represents that forgiven debt.
That raises the question: Would the banks have forgiven that debt even without the settlement? Have banks found a nifty way to reduce the amount $25 billion they agreed to pay to settle the suit over their foreclosure practices?''
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