So I went to Bank of America one year ago current on my loan. I asked for a modification, because the government advised me to do so. I was trying to sell my place last year, but I was told I could modify the loan into a more affordable payment, enabling me to stay in my home. I took my home off the market ( in retrospect a really bad decision.)
I spent 13 months documenting my life to Bank of America. I was given the run-around. I was lied to ( lost paperwork.) I was cheated ( false late fees and derogatories on my credit.) I was told in February that I qualified for a Making Home Affordable modification. I was told if I sent in 3 payments on time my loan would be modified. I was told to pay a specific trial payment. I did. I even paid more on 2 occasions.
Bank of America used this program to damage my credit and my finances. Now Bank of America is demanding many thousands of dollars in late fees and penalties OR they say they will take my home. They are asking me to just turn over the keys and walk away. ( Deed in Lieu.) In return they will damage my credit. I am sorry I must be missing something. How do I benefit from this? I put over 60,000. into my house. I should accept damaged credit as compensation?
Can someone please explain to me how this is a good deal for me?
Well needless to say, I am choosing to NOT take their fabulous offer.
Oh then there is the short sale offer.
I should fill out a crap load more documentation repeatedly for many more months, I should heat the house care for it, mow the lawn, show it to hundreds of vultures who are in the market specifically for a short sale or foreclosure. In return I will get???? OH yeah, My credit destroyed. HMMMM second offer refused.
So what are my other options?
1. Pay thousands of dollars to Bank of America for allowing me the privilege of spending a year documenting my life to them. If I do this I can have a worse deal than before, as they have changed my loan for the worse.