My Last Attempt To Save My Home Before Public Auction Aug 2 - Feeling totally betrayed by Bank of America?I'm going to do my best to not make this a long drawn out sob story, but I have been given the run around by Bank of America since October who has been telling me about my options to save my home since January when they denied me modification. Our 4br 3 bath home is located in a brand new community between... |
I am not sure how BofA is the bad guy here. All a modification does is lower your interest rate, if yo bought 3 years ago you are already paying low interest. What did you want them to do?
You are in possession of their money and the house. You are going to HAVE to give one of those up. Either repay the money or give up the house. You simply can't keep both.
BofA is the one trying to recover, not you. You are the one holding everything, all the money, all of the property.
If you are willing to repay the money you took from the bank (sounds like you feel entitled not to repay it though) you could try filing bankruptcy and omitting the house. That will give you a couple of weeks to get the money together, you should have some since you are not paying your mortgage. If you include the house in the bankruptcy you will have to forfeit it.
Sorry that you are going through this. I can tell you that a short sale will hurt your credit history as much as a foreclosure so don't jump for that unless somehow doing it will allow you to get in to purchasing a different home. I would think, and maybe someone else on here could tell you more, but I think your only options would lie in talking to a lawyer. If you can find one to give you a free, quick consultation to find out if there are any options that direction that would be your best and probably only bet to keep you in the house.
If there isn't any way to stay, just remember it's the people that make the home, not the house. Good luck.
Please take some personal responsibility... you seem to do a lot of blaming of BofA, but what did they do to cause this?
You still have at least one option, the same one that you have had since October - pay all overdue payments and late fees.
- If you have anything of value, start selling
- take a hardship withdrawal from your retirement plans
** but if this is just a bandaid and even after you change your spending habits you still can't afford the mortgage, just let the bank have the house and move on.
It's too late to consider the short sale. There is no way a short sale can close in 21 days... concentrate on what your real options are.
I am not exactly sure why people who agree to a mortgage repayable at an agreed monthly rate, somehow believe they have a legal right to expect "modification" some way down the line.
Surely if you were renting our a property, and the tenant hit hard times and could not longer pay the rent you expected and were legally entitled to, you would tell him that his situation is not your problem and that if he can no longer pay, he must leave.
Similarly someone who is in business loaning money is not playing a game. They cannot afford to reply on vague promises from defaulters. Most of the businesses that go under (bankrupt) are run by people who were too lenient with their customers, and they only realized it too late.
Try calling the National Association of Homeowner Advocates!!! www.naoha.org Found out about them through someone I know - they helped me for free no upfront fees and very helpful.. they had very knowledgable staff when I called in
I tried for almost 2 years with BofA to get a loan modification and they got my delinquent payments caught up and reduced my payment down almost 40%.
(877) 867 9052
No offence, but at the point you're behind $18,0000, I fail to see how you've been betrayed by the Bank of America. If you can't afford to pay to live there, then it's your problem.
I'd recommend you start looking for a rental property nearby within a realistic budget, and make plans to leave your house.
The point at which you made your mistake was buying way too much house for the money you had. Why is this BofA's fault? You should have sold and moved away before you got behind $18,000.
A bankruptcy filing will stop the foreclosure and give you an opportunity to challenge the foreclosure. Find a lawyer who specializes in bankruptcy and foreclosures. The lawyer will make sure BOA dots every i and crosses ever T, which I doubt they did.
The only way to stop the sale is to bring your account current. Sorry, :-(
