Maybe our own posting see how the bank likes that

[subking]

Yes I read the news article. Funny how BOA say those letters will only go to a select group. What does that mean I wonder?
Also were not accepting anything by ceritfied mail, process server, or anyone thats always bad news I know better, lol.

[tobee43]

well, actually, BOA is not doing a ton of mods and loan reductions, i really hope you get one of those letters! i hope i hope.

i know there is a thread pandora put up about it and on last nights news report they talked all about BOA going to reach out to over 200k for loan mods and loan reductions.

[subking]

No we've been discharged for over 3 years theres no reaffirming anything. Were about 13 months past due on payments, last year was very bad for us but doing a bit better now. Heck we could even afford our normal payment now and are willing to pay but Bank of America is so difficult they make it so impossible to work with them that it makes no sense for us to sign the crazy document they sent us.

I have never seen such difficulty in doing anything. As far as I'm concerned Bank of America is a bully and were not gonna be pushed around by a bully.

We tried to lay out a easy to understand plan for both parties, they want nothing to do with it.

[tobee43]

It make no sense really to me. We were willing to do a mod with reasonable terms but instead of working with us their unreasonable. I can't see the benefit they have on forclosure esspecially since its been discharged in a chapter 7, property prices are way low, our home needs tons of repair, and they only stand to lose out.

I can't figure out why the bank would not say ok lets put the past due amout on the back, lower the payment a bit and everyone is happy, and heres your mod. Its crazy the way they do things.

you never know, they may still approach you for a loan mod. it happens in the 11th hour on many occasions. so it still may happen after the bk as long as you don't reaffirm, which i'm certain you already know not to do.

[subking]

It make no sense really to me. We were willing to do a mod with reasonable terms but instead of working with us their unreasonable. I can't see the benefit they have on forclosure esspecially since its been discharged in a chapter 7, property prices are way low, our home needs tons of repair, and they only stand to lose out.

I can't figure out why the bank would not say ok lets put the past due amout on the back, lower the payment a bit and everyone is happy, and heres your mod. Its crazy the way they do things.

[tobee43]

Ok so the bank is the only bidder and keeps the property. As I understand it then I have a 6 month redemption period (after that the bank can have me evicted if I have not moved). So say I move at the end mail the bank my keys and say thank you have a nice day we've moved on the home is yours.

Now the home is empty (like so many others we see on our own street) and up for sale. So I suppose the bank gets a realtor to sell it for the highest price possible right hoping they will get as much as possible?

Our mortgage is not a fannie or freddie its a private investor held and there is no pmi, never was.

well, i'm not certain how your bank will handle it, they have some choices. to keep it off the market, (like they have with mine) go for a short sale, it is hard to predict what or how they will handle it.

it the mortgage is a convential many times banks to handle those differently, but again it all depends. maybe at the sheriff's sale someone will get it? or it's possible the bank will buy it back...one really never knows for certain.

[subking]

Ok so the bank is the only bidder and keeps the property. As I understand it then I have a 6 month redemption period (after that the bank can have me evicted if I have not moved). So say I move at the end mail the bank my keys and say thank you have a nice day we've moved on the home is yours.

Now the home is empty (like so many others we see on our own street) and up for sale. So I suppose the bank gets a realtor to sell it for the highest price possible right hoping they will get as much as possible?

Our mortgage is not a fannie or freddie its a private investor held and there is no pmi, never was.

[tobee43]

I understand but don't banks let it go at the sheriffs sale to the highest bidder, thinking their better off getting something better then nothing?

I mean even if the bank does not let a bidder get it they have to get a realtor and sell it themselves right? To a investor, flipper, or someone I suppose.

no, no....unless it's the bank itself then i see them just buy them back to themselves for $100. but otherwise the new owner has to USALLY pay off or as close to the mortgage balance...that is in most cases. the banks will not usually, (i'm certain there are exceptions), let them go for much less, although i know it varies from state to state. i mean let's say you have a house with a 400k mortgage owning the bank, they aren't going to let it go for 50k. i'm sure it can be somewhat less but certainly not for much less.

i'm sure many of these mortgages are FHA or had PMI so the bank i understand needs to attempt to get at least a percentage back before they can submit a claim to recover the balance left. and then of course we have the deficiency states where the bank will allow the house to go for far less and then go after the old owners for the difference. that's always fun.

[subking]

I understand but don't banks let it go at the sheriffs sale to the highest bidder, thinking their better off getting something better then nothing?

I mean even if the bank does not let a bidder get it they have to get a realtor and sell it themselves right? To a investor, flipper, or someone I suppose.

[tobee43]

well i know flipping use to be a pretty common pratice in the good old days, however, now with the property values so low it's not as lucrative as back then. remember to get one of those houses the investor must pay off the entire mortage and then do all the repairs etc. shoot i was looking on my old county's sheriff's site and i don't think there was a mortgage that was under 400k!!! i mean that's a tone to put out to attempt a flip. although now here in florida shoot one can pick up a really nice place for about 70k but most still need about 50-60k worth of work on them and who's buying?

first time buyers that are qualifying for mortgages the few that are here in this country, i'm certain are picking the roses and not the weeds!

[subking]

LOL, I hear you. But don't alot of the investors buy these homes at the sheriff sale you know hoping to flip them?
I know they can do a outside visual inspection but theres no way to know what their really getting onto.

Did you file a law suit for the damage done from the work?

[tobee43]

I wasn't taken it in a bad way I know you wern't insulting me in any way.

This was just a funny post, thought it might scare away the investors if they know they need to stick huge dollars in it to renovate. Now of course the home is not in that bad of a state or else we would not be living here. I'm trying to make a point that we are so upside down and under water in this home and considering repairs we would be stupid to stay here. I'm sure every older home has its problems, ours just happens to have more but its not as bad as I stated, lol, that would be really bad.

you got that right!!!

i actually think i know why our "old" surrendered house hasn't gone in to foreclosure:

BLACK MOLD
LEECH FIELD overflow
FLOODING issues (2 years before we left the town changed the curb in the road and HOLY MOLY the water ran directly into our house!)
SUB PUMPING 2 months of the year to keep ourselves above the water line after the road change
Septic system due to the flooding was leeching into the house
as a result TOTAL CRACKED foundation note: it was great to watch water pouring out of the cracks during the rainy season
PUMPING GOING
on and on and on!!!!!! i'm so happy we left that horror behind us..even after over 30 years i don't miss it one bit.

who's going to buy that place once that get an inspection they would be running as quickly as possible to the closest exit.

[subking]

I wasn't taken it in a bad way I know you wern't insulting me in any way.

This was just a funny post, thought it might scare away the investors if they know they need to stick huge dollars in it to renovate. Now of course the home is not in that bad of a state or else we would not be living here. I'm trying to make a point that we are so upside down and under water in this home and considering repairs we would be stupid to stay here. I'm sure every older home has its problems, ours just happens to have more but its not as bad as I stated, lol, that would be really bad.

[ValleYum]

Were mad at them yes but were not stupid. We are not the type to do dumb things.

I never said nor implied that you were stupid or dumb.

I just didn't get it was a joke nor was it prefaced with "Hey! Wouldn't this be funny if...?"

My defense for my remarks? I am trying to be helpful to other forum members - giving advice to try to make sure that someone in the heat or emotion of the moment did not do something that would be harmful to them. Several people have posted about removing the items you listed and they were serious.

It is funny reading it now and knowing you meant it as a joke. Before? Not so much.

No harm. No foul.

[tobee43]

Not to mention that the insurance company could decide to drop the homeowners coverage until corrective actions are taken.

got that! and i'm certain we can think of at least another dozen nightmare scenarios!