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.
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