WGS Mortgage Debt Forgiveness is HAPPENING!

SEPTEMBER 16, 2012
Source: 2012thebigpicture

WGS Mortgage Debt Forgiveness is HAPPENING!

From Removing the Shackles blog… good news and confirmation of the “Paid in Full” notices we heard about.

 The World Global Settlements Mortgage Debt Forgiveness is HAPPENING!

You can download a scanned copy of a letter that has been sent to a customer from BOA here:
http://www.mediafire.com/?a9u6479wrackp0z

I have had 7 different sources verify individual stories of people receiving these letters across America.

This is the beginning my friends!!!!

Source

This entry was posted in Financial/economic information, Illuminati/Terrorism/Corruption, Political and tagged , , , , , , , . Bookmark the permalink.

8 Responses to WGS Mortgage Debt Forgiveness is HAPPENING!

  1. Pingback: Every picture tells a story so they say…. | thinkanddiscern

  2. Pingback: This turned into Unsubstantiated Twaddle | thinkanddiscern

  3. It really isn’t a mortgage forgiveness letter. It is about a Home Equity line of credit. It even states that if the property is in foreclosure, the foreclosure proceedings will continue.
    HUD reverse mortgage

  4. That’s really a great news!! wonder if it applies to banks in UK as well since they have been facing a real hard time post rescission as people can still feel the tremors till now

  5. Alkhemist says:

    Guys, this is great, but it’s NOT a forgiveness of one’s mortgage! Read the letter! They are ONLY forgiving the Home Equity Loan, not the mortgage itself. Yes, this is still great, but you can’t tell people this is a firgiveness of their mortgage payment. The letter also states that it will NOT stop a foreclosure. Please be sure to tell people this. Thanks.

  6. broasa says:

    Okay, I’ve been in the tax and real estate business for 25 years and now I see what’s going on. A suit was filed by a number of plaintiffs which was resolved by settlement. It appears that the settlement involves those borrowers who have home equity lines, I.e., 2nd or 3rd mortgages. The forgiveness involves these 2nd and 3rd mortgages because the people who processed nd signed the paperwork did have the authority to do so. Now some banks have agreed in settlement to allow these loans to be classified as being improper loans.

    This has both pluses and minuses. The upside is the borrower no longer has to repay the loan, however, the forgiveness of having to not repay the amount received makes that money taxable and will have to be reported on this year’s taxes. That what it when the letter notifies the person receiving the letter that the forgiveness of the debt will be reported to the IRS, a 1099C (canceled debt notification will be issued).

    Also since these are 2nd and 3rd’s it does not have any effect on the 1st or purchase mortgage. If a person is behind on their first the bank will still foreclose and take the house. This is a small, very small, step in the right direction but we have a long way to go yet.

    • kibitzer3 says:

      Thanks for your helpful background on all these tax/banking matters floating around these days, broasa. Keep us informed.

    • Alex says:

      Yes thanks broasa.
      May I say that I think this absolutely makes sense. Think about it in terms of helping those in need the most first.

      The amount of paperwork and processing is going to be huge and all of this stuff currently is a great gob of a mess.

      Also with the rumors of releasing technology that will provide healthy food and clean water and energy. If this info is accurate it would make sense that this type of technology be released to those in the most dire need first. I would expect that this may be happening with debt forgiveness helping those who need the most help and working toward sweeping it all up,

      Foreclosure process can go on for quite a while and before they get to the first mortgage it makes sense to stop the bleeding by whacking off the second and third loans. As far as the IRS having the income reported as earnings…. that is fine because in the end I think we will abolish the IRS and it wont matter anyway.

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