South Florida homeowner has $570,100 mortgage forgiven by bank

A client of Wellington foreclosure defense attorney Malcom Harrison may have cringed when he saw the Bank of America envelope in his mailbox. Instead, he’s more than half-a-million dollars out of debt.

The company, as part of the $25 billion agreement with the state attorneys general, is cancelling $570,100 in second mortgage debt the homeowner owed.

“You are approved for a full principal forgiveness of your Home Equity Account,” the Sept. 8 letter says in bold print.

Although the homeowner’s foreclosure will continue on the first mortgage, the second account will be reported as paid and closed, according to the letter.

Read on.

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