South Carolina legal assistance group accepts mortgage settlement from Bank of America

The South Carolina Bar Foundation recently received more than $6 million from a mortgage settlement agreement between Bank of America, the U.S. Department of Justice and six states.

The settlement requires that the foundation offer legal assistance in foreclosure prevention as well as community redevelopment.

The South Carolina Bar Foundation is based in Columbia. It is one out of 56 different state-based legal-assistance agencies that will accept funds per the settlement. The settlement concerns claims that came from Bank of America and its subsidiaries, specifically in regard to mortgage-related activities.

Previously, NeighborWorks America (a national, congressionally-chartered nonprofit organization offering support and training for the U.S. and Puerto Rico’s community-based redevelopment programs) received another distribution from the settlement.

In all the distributions exceed $490 million throughout the U.S. In December, President Obama signed into law a federal tax relief act through 2016. Thanks to this action, homeowners who may have received an income-tax liability because of mortgage debt forgiveness will now receive consumer-relief provisions from the settlement.

Bank of America is distributing the money from funds that were part of the settlement, designed to offer federal tax assistance in the instance that Congress did not lengthen the tax-relief legislation.

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