Mired in Bank of America bureaucracy

[IndyPoolPlayer]

I learned there is no logic behind BOA

[ICANHASMUNY?]

because they are not going to reward anyone - or show any mercy (reasoning then they would have to do it for everybody)

 

they would rather have folks lose their homes and lose money than get paid back

 

same deal with CC's - rarely will they lower an interest rate or give a person a payment plan

 

rather sell if off and take a tax credit for a bad debt.

 

https://creditboards.com/forums/index.php?showtopic=573346&hl=

[DeadMoneyDrew]

Well then I hope they get their tax credit for forgiving my debt. At this point I don't give a crap about taking a credit score hit. I'd rather be done with spending 600-700 per month on condo fees and maintenance.

 

Time to apply for some new credit cards and a HELOC before this short sale gets approved and sends my credit score down into the 600s.

[IndyPoolPlayer]

Well then I hope they get their tax credit for forgiving my debt. At this point I don't give a crap about taking a credit score hit. I'd rather be done with spending 600-700 per month on condo fees and maintenance.

 

Time to apply for some new credit cards and a HELOC before this short sale gets approved and sends my credit score down into the 600s.

You can apply but those new accounts will likely be shut down if this goes through....

[DeadMoneyDrew]

UGH. Condo was appraised at $48,925. I put it up for the short sale and got one interested buyer who offered that exact amount. The investor has declined it, saying that I am not currently at risk of default and can afford to keep up the payments.

 

I'm not sure at this point if it was declined because of Fannie Mae or because of Bank of America.

 

I'm at a loss as to what to do now.

Edited September 6, 2016 by DeadMoneyDrew

[DeadMoneyDrew]

LOL. This guy's story is exactly mine other than the fact that my property isn't in a non-recourse state.

 

http://www.huffingtonpost.com/ryan-j-downey/mortgage-walk-away-what-happens-_b_993756.html

[clc222]

UGH. Condo was appraised at $48,925. I put it up for the short sale and got one interested buyer who offered that exact amount. The investor has declined it, saying that I am not currently at risk of default and can afford to keep up the payments.

 

I'm not sure at this point if it was declined because of Fannie Mae or because of Bank of America.

 

I'm at a loss as to what to do now.

 

 

I was hoping you and I were key indicators to BOA finally picking up where they dropped the ball years ago.

[DeadMoneyDrew]

Same here, clc. I'm glad yours is going through. Hoping I get there someday.

 

Your post in your thread about your one short sale attempt that got denied because your credit score was too high made me laugh. My credit score is 800+ but is about to take a hit, since next month at the latest will be the last time that I can justify making a payment to BOA. I just can't do it anymore.

 

To add insult to injury, I logged on to the Bank of America's website to cancel my recurring mortgage payment and found out that it can't be done online. I have to call them and request that it be cancelled. What a joke.

[clc222]

I'm glad yours is going through. Hoping I get there someday.

 

Thanks. I'll believe mine is done when I've signed the title out of my name (supposedly by 9/15). Until then, I don't trust BOA to find some excuse to screw the whole deal.

[DeadMoneyDrew]

Ha. I got my first official notice of a late payment today. How nice of Bank of America to send me a reminder! Lol.

 

I'll be applying for the short sale again soon, hoping within the next month or so.

[DeadMoneyDrew]

It's time for round number...hell, I forget how many rounds it's been at this point. The short sale app is in, the potential buyer has submitted his offer, and the appraiser is in the process of doing her thing.

 

Fingers crossed.

 

The best part is that ever since about a month after I stopped paying, Bank of America has been bombing me daily with phone calls and letters asking if I need to apply for their Mortgage Assistance program. Yep, brothas, y'all are a wee bit late in offering to help.

[ICANHASMUNY?]

It's time for round number...hell, I forget how many rounds it's been at this point. The short sale app is in, the potential buyer has submitted his offer, and the appraiser is in the process of doing her thing.

 

Fingers crossed.

 

The best part is that ever since about a month after I stopped paying, Bank of America has been bombing me daily with phone calls and letters asking if I need to apply for their Mortgage Assistance program. Yep, brothas, y'all are a wee bit late in offering to help.

 

You mean they finally figured it out that it's better to keep the homeowner on the leash?

 

if they denied you before, this is just a stalling tactic

 

answer the phone, respond to the letters, state that you were previously denied, send copies of that documentation

[ICANHASMUNY?]

It's time for round number...hell, I forget how many rounds it's been at this point. The short sale app is in, the potential buyer has submitted his offer, and the appraiser is in the process of doing her thing.

 

Fingers crossed.

 

The best part is that ever since about a month after I stopped paying, Bank of America has been bombing me daily with phone calls and letters asking if I need to apply for their Mortgage Assistance program. Yep, brothas, y'all are a wee bit late in offering to help.

 

amend your CFPB complaint ?

[clc222]

We had to go through the mortgage mod request process before being able to move on with the short sale (every time we'd tried, for that matter). It was pretty simple, since they gave us the question of "What do you want to do: Mortgage Mod, or no?" lol

 

Hopefully it'll work out for ya' this time...but (as you already know) don't be surprised if they come up with some BS reason to kill the deal.

 

 

Good luck!!

[DeadMoneyDrew]

We had to go through the mortgage mod request process before being able to move on with the short sale (every time we'd tried, for that matter). It was pretty simple, since they gave us the question of "What do you want to do: Mortgage Mod, or no?" lol

 

Hopefully it'll work out for ya' this time...but (as you already know) don't be surprised if they come up with some BS reason to kill the deal.

 

 

Good luck!!

Did yours ever get finalized? I sure hope so.

 

I got approved for the short sale program. Yay. The appraiser set the value of the place at 50k, and I have a short sale offer for exactly that amount. I'm hoping to hear a decision on that offer sometime in the next month.

 

If Bank of America approves the short sale offer but doesn't offer deficiency forgiveness, I'm going to reject the offer. They state in the fine print of their short sale program documentation that a deficiency balance is a distinct possibility. Honestly, I don't know why anyone would ever agree to a short sale unless than efficiency balance is dissolved. I still owe $92k on the mortgage, and there's no way in hell that I'll eat $42k.

Edited December 29, 2016 by DeadMoneyDrew

[clc222]

 

We had to go through the mortgage mod request process before being able to move on with the short sale (every time we'd tried, for that matter). It was pretty simple, since they gave us the question of "What do you want to do: Mortgage Mod, or no?" lol

 

Hopefully it'll work out for ya' this time...but (as you already know) don't be surprised if they come up with some BS reason to kill the deal.

 

 

Good luck!!

Did yours ever get finalized? I sure hope so.

 

I got approved for the short sale program. Yay. The appraiser set the value of the place at 50k, and I have a short sale offer for exactly that amount. I'm hoping to hear a decision on that offer sometime in the next month.

 

If Bank of America approves the short sale offer but doesn't offer deficiency forgiveness, I'm going to reject the offer. They state in the fine print of their short sale program documentation that a deficiency balance is a distinct possibility. Honestly, I don't know why anyone would ever agree to a short sale unless than efficiency balance is dissolved. I still owe $92k on the mortgage, and there's no way in hell that I'll eat $42k.

 

 

Yes, we finally got rid of the old place. Closed at the end of September (after two years of fussing with it).

 

For us, BOA required that they get at least 80% of the appraised value. If they follow the same for you, $40k is what you need... Anything above that is gravy for them.

 

Are you in a no-recourse state? (I'll go back and re-read to see if you've mentioned where you are after hitting "Post" -- expect an edit in just a moment )

 

EDIT: OK, I don't see that you've ever mentioned where you are, or where the condo is... I did see that you'd mentioned that you are not in a non-recourse state. Is the condo in a NRS? I don't know if it really matters, but it might give you some leverage if they decide to try to come after you for the difference.

Edited December 30, 2016 by clc222

[DeadMoneyDrew]

Condo is in Delaware and I'm in Georgia. Neither state is non-recourse, and in fact both states have laws on the books that are extremely unfriendly to the homeowner in scenarios such as this. Bugger.

 

EDIT: ha, I totally misread your post, thinking that Bank of America was going to expect 80% of the $92k that I owe on the note. Seems like I've been working with BOA too long, as their failure to read and comprehend basic English has rubbed off on me. :-)

 

If they will settle for 80% of the 50k appraised value, then hopefully this offer will sail through and they will forgive the deficiency balance.

Edited December 31, 2016 by DeadMoneyDrew

[clc222]

EDIT: ha, I totally misread your post, thinking that Bank of America was going to expect 80% of the $92k that I owe on the note. Seems like I've been working with BOA too long, as their failure to read and comprehend basic English has rubbed off on me. :-)

 

 

...and I almost misread your previous post as stating that it appraised at $92k

 

Sorry to hear that neither state is NRS. If they do write off the debt, expect to receive a 1099 for the amount they write off.

[clc222]

So, any BS excuses from BOA yet, Drew?

 

(yes, that's my way of saying, "How's it going? I hope it's still on track" )

[DeadMoneyDrew]

So, any BS excuses from BOA yet, Drew?

 

(yes, that's my way of saying, "How's it going? I hope it's still on track" )

Hey man! Thanks for asking.

 

Yeah, looks like this is finally going to end, though not without another crap-shot from BOA/Fannie Mae/whoever is pulling the strings.

 

We submitted the buyer's offer of just under $50k some weeks ago. Last week we got a response from BOA/Fannie Mae/whoever is pulling the strings, rejecting the offer and countering with an offer of:

 

1) $50k exactly from the buyer

2) I assume a 10-year note with payments of $400 per month to cover the deficiency balance and closing costs.

 

Ugh. Yeah, no, not gonna do that.

 

We rejected that offer and countered with an offer of $50k from the buyer and $8k cash from me. They snap accepted, which leads me to believe that I could have gotten away with offer much less cash. Bleh.

 

I'm not at all thrilled about having to tap my retirement savings again, but at least this will be over soon. They gave verbal acceptance yesterday and will be sending it in writing soon, so we should close either the 15th or 28th of February.

[clc222]

How the heck is it a short sale if you end up paying the difference anyway??? They must have been trying to take advantage of the recourse state thing.

 

I'm glad to hear it's finally moving through for you, though it sucks that you had to tap the retirement account to get it going.

 

Keep in mind, you're only about half way into the process now. You have a buyer, and you have their acceptance of the offer. The buyer's lender will have their own requirements for the deal to go through. Hopefully they don't dig up a bunch of crap that you have to pay for in order for the deal to work out. We thought everything was good to go, then a week before closing ended up having to cough up ~$1400. Part of that was to cover stuff the buyer's lender required, some of it was to cover crap that BOA originally said they'd​ cover (namely, some HOA dues).

 

I'm keeping my fingers crossed that your sale goes smoother (from this point) than mine did. Good luck!

[DeadMoneyDrew]

I actually think that we are most likely good to go on the entire thing. The buyer is a real estate investor whose husband owns the condo next to mine, and they're going to make the purchase with cash. The husband already knows all of the ins and outs of the building, the quirks of the condo association, and a light.

 

Still, I'll believe that this is done when the fat lady actually sings.

[DeadMoneyDrew]

Goodness gracious. I never thought I would see this day, but I'm finally rid of that condo. I don't have the paperwork in hand yet, but the buyer texted me this morning that the closing went smoothly.

 

Now to start a campaign of goodwill letters and emails to try to get the delinquent payments remove my credit report. Having the short sale show up on there in a month or so is going to be bad enough, so I figured it's worth my time to try to get the delinquent payments taken off.

[clc222]

Congrats!

[DeadMoneyDrew]

Thanks cls. Feels like a giant weight gone.