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Old 12-23-2008, 06:42 PM
 
6 posts, read 37,216 times
Reputation: 16

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With the economy in recession and the loss of jobs I have decided 4 months ago to put my house in short sale and was lucky at first to obtain several offers. I was excited to know that I can put this nightmare away from my life forever but in the disclosure from BOA it said that no matter how much the house was going to be sold there will be a good chance that I will be paying back for the second loan even though I wont have my property after the shortsale. This types of condition made me to take some quick actions and talk to a couple of lawyers that simple said to me that I should just file for bankruptcy and avoid any more problems. I have contacted bank of america to work on some type of loan modification but seem to me that the bank is doing very little to work with me. Now my brother has decided to move in with me and ask me to add him into the loan so that somehow I can save my property but after talking to the bank today they said that my house is just around the corner for foreclosure. Anyways I feel so disgusted with the bank industry for not helping people to prevent losing their house and at the end will just sell the house in the market value instead of helping their clients to stay with them. My question now is that is anyone here has already gone through a foreclosure with BOA or any other bank. I just want to know what were your experiences. Thank everyone for your help.

rpmhigh
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Old 12-23-2008, 07:23 PM
 
Location: Alexandria, VA
15,142 posts, read 27,760,706 times
Reputation: 27260
Try posting in the personal finance thread - probably get more help (if any).
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Old 12-23-2008, 07:26 PM
 
822 posts, read 3,001,836 times
Reputation: 444
Oh yikes, I'm sorry. Yes, as I was (ugh) sanding my floor today I was thinking that ... everything is just upside down. If they would help people who are on the edge to refinance or restructure, they could avert foreclosures and other types of defaults. But they will only help people with excellent incomes and credit. And why do those people need help right now?
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Old 12-23-2008, 07:30 PM
 
Location: Springfield
2,765 posts, read 8,325,339 times
Reputation: 1114
Quote:
Originally Posted by blossom4792 View Post
Oh yikes, I'm sorry. Yes, as I was (ugh) sanding my floor today I was thinking that ... everything is just upside down. If they would help people who are on the edge to refinance or restructure, they could avert foreclosures and other types of defaults. But they will only help people with excellent incomes and credit. And why do those people need help right now?

Yea blossom that's some excellent advise from a person who purchased seat protection on a Honda Civic !!!
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Old 12-23-2008, 07:45 PM
 
822 posts, read 3,001,836 times
Reputation: 444
Quote:
Originally Posted by VRE332 View Post
Yea blossom that's some excellent advise from a person who purchased seat protection on a Honda Civic !!!
LOL ... no, I definitely wasn't the one who purchased the seat protection. When my husband was buying his car (the Civic) I was the tough negotiator. But then I thought we were done and I went to get my daughter some food and he bought the seat protection. I *am* a lunkhead, like the way I am refinishing my floor myself, and making a huge mess. I could continue with reasons why I am pathetic, but we digress.
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Old 12-28-2008, 10:28 PM
 
Location: Northwestern VA
982 posts, read 3,485,867 times
Reputation: 569
I don't have any words of encouragement...just that your situation does not surprise me. I represent several banks that are now owners of foreclosed properties and I have represented sellers with properties they needed to sell short. All I can offer is that this is business for banks, there is no emotion whatsoever involved in the process. All they want to hear from you is when they'll be paid.

I had a short sale fall through over a relatively small amount of money. The bank insisted that the seller repay the money or that the buyer take out a larger loan to cover the shortage. Even though I was able to provide stats showing that it was better to take the bird in the bush, the bank put the kabosh on the sale.

I think your best bet is to talk to an attorney or financial advisor.
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Old 03-08-2009, 01:49 PM
 
Location: Gainesville, VA
1,266 posts, read 5,610,522 times
Reputation: 735
I am not even going to begin to read that monster of a paragraph, but surely you do not want your personal info on the net.
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