http://www.mediafire.com/?a9u6479wrackp0z
This is from a reader per the DEBT FORGIVENESS LETTERS which are being distributed from the banks.
This one is from Bank Of America.
Saturday, September 15, 2012
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what is going on is the bank is issuing a 1099c to the IRS the big surprise will come when your income taxes are due when the tax bill will come. the entire amount the bank forgives will be counted as taxable income at 45% or the IRS will sue to sell it for taxes due if you dont pay lump sum in 45 days of demand letter.if the home does not sell for the taxes due the home owner will still owe the difference
the same thing happens on a distressed short sale at the sheriffs foreclosure auction. if the judgement is for $100,000 and the accepted bid is $20,000 the bank issues a 1099c on the $80,000 loss then the home owner that lost their home at the short sale has an extra $80,000 income to pay 45% tax rate on his next tax bill. people in this situation can wind up in federal prison for tax evasion if they do not make a payment arrangement. and after they get out of prison they will still owe the tax.
this is for a second mortgage not the first mortgage. The bank will send you a 1099 for the amount "forgiven" on the second. This is far different then forgiving the first mortgage baance. For the most part the house is already under water so the bank has NO thing to lose and everything a gain by forgiving the second and handing you a 1099. Dont do it,.. unless you actually have ewuity in the property.
I am not in either case but was wondering what does it mean- your equity is forgiven but if you are in foreclosure you still lose your house. that looks like -we are going to pay off your house note but the bank still get the property by foreclosure.??
Notice it is for Line of Credit, not mortgage
Its like I say: I don't care what Bank of "XYZ" or "Bank of America" does at all.
Because I will never bank with them or buy their BS ever again. I'm sure they are finished.
http://www.examiner.com/article/dollar-no-longer-primary-oil-currency-as-china-begins-to-sell-oil-using-yuan
No amount of bribery will ever get me interested in these larger banks again, they can close shop.
I'm just grateful some of us were never stupid enough to get locked into any investment in mega-banks, because legally they can steal all your assets to hold as collateral. JP Morgan, Wells Fargo, Citibank can legally steal every asset you have.
For me, its time to stick with Credit Unions & private ecos.
Well, either this is a well done mock up (including a real BoA customer service phone number) or it's real.
I still am heavily leaning to the dummy up aspect.
I have 2 mortgages with BoA (somehow in the bank defaults BoA bought up banks I chose to do business with and I ended up having them holding my paper. I do not willing do business with them) and one with Citi, credit accounts with various card issuers (no, I am not some late night tv shopping addict, I flip real estate so I use credit as a tool in my endeavors to support myself) and I am not going to count on having my debt evaporate because these evil, corrupt corporate entities run by evil, corrupt beings see fit to spontaneously 'forgive' me.
I still say this is a hoax and it's sad that good people with grinding debt will have their hopes dashed once again very possibly. I think it would be best to have this type of information be thoroughly documented before posting. Some grainy pdf of a purported letter does not documentaion make. And it looks more like a fax than a scanned document which is what you would have to do to get it into pdf format for posting or emailing.
It does look like the font type on letters I get from BoA but the content of debt forgiveness I still find incredible, as in, just not believable.
Yes that is exactly what I thought the deal was, I wonder how many people fall for this. How much longer do we have to put up with these banksters?
ENOUGH! How can we turn the tables on them? We should be able to.
I don't care anymore what bribes Bank of America or JP Morgan offer me, I have decided to never do business with them again & go elsewhere.
I think Bank of America is aware of this, because Federal Courts recently ruled BoA, JP Morgan, Zions Bank, HSBC, Citibank, etc. could legally hold all your funds as stolen collateral.
Which means you can never get your funds back if you have holdings in these banks.
They will give you some bribes and then be on their way.
http://www.examiner.com/article/dollar-no-longer-primary-oil-currency-as-china-begins-to-sell-oil-using-yuan
Our culture of convenience is the reason the Federal Reserve is so heinously corrupt and stupid, to begin with.
To me, it makes sense that only foolish & materialistic people will trust putting their funds in these banks ever again. At least I hope the human race has gained enough smarts over the years.
I'm just glad I never had holdings in the criminal BoA or JP Morgan to begin with. I never trusted having an investment in one of them, I don't know why. Not one of those banks.
But now I see it was the only smart choice. For now on I'll go with eco's and Credit unions, that's for damned sure.
BoA and Citibank are finished..
Can only imagine what victims do to these liars, if they are wise they will seize all Bank of America's assets when it collapses & then change its name when it reopens.
This letter does not sit right with me. It's not that I don't think the letter is genuine, its the wording that bothers me.
Nesara is debt foregiveness because there is no choice in the matter. The whole loan business is a Fraud and a racketeering enterprise. As Nesara states we go back to the original Constitution. lets for the sake of making a point, say there is no Debt foregiveness with Nesara, once back to a lawful judiciary we will all be in court fighting our unconsionable contracts. This country can not have every person in court fighting every loan they have with the banks, that is madness.
There is no IRS either, the IRS is a fraud.
So why are these banks reporting Fraudulent information to a non exsistant IRS?
If these banks are really going to survive in a NESARA world, they better stop with the fraudulent games.
I must say , in my mind this is some kind of trap.
The problem is, when they stole the homes, they issued a 1099A and after making us leave by threat of a man with a gun, the real estate people declared the home abandoned.
IRS wanted the homeowner to file taxes with the 1099A received in the mail from the pretend lender (real thief).
I got two such 1099A(s) and neither were my lender, not even the lender on record, no assignment, no NOD, just a fraud foreclosure and someone wanting me to file a false tax return using 'undue influence'. IRS was and still is a beast in situations such as this.
But that's the first mortgage.
The problem I have with this is, notice is considered given since it's sent certified mail and someone 'of age of majority' is signing to receive this notice into the household.
That means to reject the 'offer' one has to contact them and say 'I don't want this'.
These offers are Trojan horses in my opinion, in my opinion, in my opinion.
My opinion is a bank does nothing for anyone unless it benefits them in some way.
This is a second mortgage, a second lien, a line of credit.
If, and that is IF, if, if, there are penalties and interest involved in deceptive practices, then they can get out of those penalties and interest if they can get the homeowner to accept their offer of forgiveness, but the forgiveness is really working both ways...I won't say you owe me this money if you don't ask for every dime spent on the second mortgage that I securitized and it was already paid while I collected funds from you too.
BOA offered some homeowners $100,000 reduction in their mortgage and less than 10% responded to accept the offer. There was news report that indicated the lack of response meant the people did not trust the bank.
So now instead of offering and asking the homeowners to accept, they decided to give it and tell the homeowners they have to call and reject the offer.
There is never full disclosure of anything they do. They know what's coming and we don't. They are trying to be first in line for something. Who trusts them?
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