BofA FORGIVENESS: Bank of America, BofA, has announced that it is sending letters to 130,000 second mortgage customers across the country that it is outright forgiving their second mortgages to BofA. Saying that the recipients of these notifications, must achieve a "specific threshold" level of delinquency, without publicly defining what that level may be, the bank noted a borrower cannot volunteer for the forgiveness program. BofA determines who benefits and will receive the notices. They also note that being the lucky recipient of this notice won't also forgive a delinquency or pending foreclosure from a separate first mortgage held by BofA. A further note: if you are lucky enough to receive one of these forgiveness letters, you may still be liable for federal and/or state income taxes on the amount of the loan that is being forgiven. Check with your accountant for advice in this regard. How do you know if you're getting a notice? Wait for it to arrive, or, initiate action yourself by calling BofA and seeing if: a.) they will tell you directly before any letter is sent; and b.) if, given their willingnes to supply information, you are one of the lucky intended recipients. As always, Good Luck.