Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I have posted so many posts regarding our current situation with our home that has been on the market since August 2008 due to my husband's job loss and relocation.
There are posts everywhere about it so I am not going to go into major details.
What I will say right now is that we did try to obtain a modification on our home that we are trying to sell (we had to relocate for a job offer my husband finally received, it is out of state.... ).
BOA would not work with us because we were / are still current on our mortgage payments for the home we moved from as well as paying for our new home....
We are being forced into a short sale because of the market environment, right now,there are 14 foreclosures just in the neighborhood we are trying to sell in. I don't know how many in the entire town.
Our house is priced at almost $200k LESS than what we built it for.
So.... we now have potential buyers and BOA STILL won't work with us.
This is copy & pasted from an email that we received from our realtors:
BOA is very difficult to work with. A negotiator from BOA told me that they would rather a property go to foreclosure because they will make more money! The guy told me that they wouldn't have to pay interest, carrying costs, or maintenance. On top of that, whatever they lose in a foreclosure, the Govt gives them via the Tarp Program; plus, if the property has mortgage insurance, the bank gets that too. The banks are the ones making all the money! They're terrible.
Anyway, we're doing the best we can and will see what they do with this counter. It will probably take them a week to respond.
Honestly, what do you expect? A bank is a business, not your friend. If you can't or won't hold up your end of the contract you signed with them, they have every right to pursue whatever closure will get them closest to the amount they already gave you for that house. Might suck for you, but they want their money back.
Honestly, what do you expect? A bank is a business, not your friend. If you can't or won't hold up your end of the contract you signed with them, they have every right to pursue whatever closure will get them closest to the amount they already gave you for that house. Might suck for you, but they want their money back.
? just curious bikini wax... we have held our end of the deal... we didn't purchase a house we couldn't afford,etc....
We have been paying for our empty house for almost 2 years now because we can't sell it.
How long could you pay 2 mortgages,utility bills,HOA's and everything else that life has to offer?
It is better to let a house go into forclosure than to try to work with the seller and the potential buyer???
Give me a break honestly.
Yet, the ones who just walked away because they bought something they couldn't afford are getting no reprimands. They have walked away and no one is doing a thing about it.
Yeah, it does suck for us, otherwise known as the responsible ones.
Asking the bank to let you sell their house for less than you owe them for it is holding up your end of the contract? Bottom line is, they want back the money they gave you, that you agreed to give back. They aren't the ones trying to find a way out of the deal.
I agree with occam's. You didnt hold up your end of the deal. Purchasing a home you can afford is smart, but i doubt was in your contract, what was in your contract was that you would pay for your home for x amount of years or until it was paid off. No where in your contract does it say if you cant sell it then the bank will allow you to sell it for less owed. The bank also didnt force you to move and take another mortgage. And the people who walk away are getting the same "punishment" you will get which is a drop in your credit score, but since you already bought another home it wont hurt you as much as it hurts people who walk away and dont own another home. Im surprised you got the bank to agree to you even offering a short sale (Assuming they did agree) if you have been current on your mortgage its almost impossible to do a short sale.
As for the bank losing a potential buyer depending on how low the offer is i wouldnt blame the bank for saying no.
Too bad you didn't record your conversation with the BOA negotiator regarding the comment about going into foreclosure. It would have been interesting to send to the attorney general and to the Feds.
Banks have always been heartless. However, I'm kind of surprised at the lack of sympathy for all the people who have been so badly hurt in this latest economic debacle caused by speculators who, so far, are getting off fairly unscathed.
I have posted so many posts regarding our current situation with our home that has been on the market since August 2008 due to my husband's job loss and relocation.
There are posts everywhere about it so I am not going to go into major details.
What I will say right now is that we did try to obtain a modification on our home that we are trying to sell (we had to relocate for a job offer my husband finally received, it is out of state.... ).
BOA would not work with us because we were / are still current on our mortgage payments for the home we moved from as well as paying for our new home....
We are being forced into a short sale because of the market environment, right now,there are 14 foreclosures just in the neighborhood we are trying to sell in. I don't know how many in the entire town.
Our house is priced at almost $200k LESS than what we built it for.
So.... we now have potential buyers and BOA STILL won't work with us.
This is copy & pasted from an email that we received from our realtors:
BOA is very difficult to work with. A negotiator from BOA told me that they would rather a property go to foreclosure because they will make more money! The guy told me that they wouldn't have to pay interest, carrying costs, or maintenance. On top of that, whatever they lose in a foreclosure, the Govt gives them via the Tarp Program; plus, if the property has mortgage insurance, the bank gets that too. The banks are the ones making all the money! They're terrible.
Anyway, we're doing the best we can and will see what they do with this counter. It will probably take them a week to respond.
As a human being I feel bad for people who are in your shoes. However, as a business person I understand the bank's position. Once a loan goes bad the bank doesn't really care about the impact to you.
The employees of the bank are not paid to be nice to you and to mitigate the damage to you. They are paid to work out a solution that is best for the bank.
Do not expect that the bank's employees will see anything from your perspective. Why would they?
Too bad you didn't record your conversation with the BOA negotiator regarding the comment about going into foreclosure. It would have been interesting to send to the attorney general and to the Feds.
Banks have always been heartless. However, I'm kind of surprised at the lack of sympathy for all the people who have been so badly hurt in this latest economic debacle caused by speculators who, so far, are getting off fairly unscathed.
I don't think it's illegal for banks to choose the option that nets them the best outcome. I doubt any crime has been committed simply because the bank wants to get the most amount of money out of a particular situation. Yes-the bank is heartless. Business does not have a heart. It is simply a numbers game and the bank employees are there to represent the bank, not the borrower.
I have posted so many posts regarding our current situation with our home that has been on the market since August 2008 due to my husband's job loss and relocation.
There are posts everywhere about it so I am not going to go into major details.
What I will say right now is that we did try to obtain a modification on our home that we are trying to sell (we had to relocate for a job offer my husband finally received, it is out of state.... ).
BOA would not work with us because we were / are still current on our mortgage payments for the home we moved from as well as paying for our new home....
We are being forced into a short sale because of the market environment, right now,there are 14 foreclosures just in the neighborhood we are trying to sell in. I don't know how many in the entire town.
Our house is priced at almost $200k LESS than what we built it for.
So.... we now have potential buyers and BOA STILL won't work with us.
This is copy & pasted from an email that we received from our realtors:
BOA is very difficult to work with. A negotiator from BOA told me that they would rather a property go to foreclosure because they will make more money! The guy told me that they wouldn't have to pay interest, carrying costs, or maintenance. On top of that, whatever they lose in a foreclosure, the Govt gives them via the Tarp Program; plus, if the property has mortgage insurance, the bank gets that too. The banks are the ones making all the money! They're terrible.
Anyway, we're doing the best we can and will see what they do with this counter. It will probably take them a week to respond.
I've read your situation in your other previous postings.
I hope you've contacted an attorney by now for your situation. Most of the people who "walk away" have zero assets (outside of protected retirement accounts or live in a non-recourse state). Seriously those are the only type of people getting off scott free from this real estate disaster the nation is going through.
I assume you have assets outside of your investments? That's why you need to contact an attorney and possibility a financial planner to start moving those assets into protected trusts.
If you feel you are in an unwinable situation and don't want to liquidate your assets to unload your empty home that's you've moved away from, that's what I would do. The time for legal/financial is needed now. It may cost you $2000-5000 for legal help but you've probably spent 20x on that money on mortgage payments paying for an empty house.
If the bank won't deal with you, they will most certainly that exploring that once you purposely start missing payments. But please seek legal help before you start resorting to missing payments.
I am sorry, you are trying to sell it 200k LESS than what you paid for? Sounds like your short sale is worse than a foreclosure... if I was the bank, I rather foreclose as well and knowing many scams going around where family tries to "sell" another family member (or friends) their home for substantially cheaper but they retain the "true" ownership just so they don't have to pay that much more... well... I don't think banks are that stupid to fall for it...
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
