What to do when Bank of America tells you that you still owe $87,000 after the short sale of your home?
This is a question that has become very personal to me because that is exactly what recently happened to me. What is ironic is that I am a mortgage loan officer, and I was a seasoned loan officer in ’05 with more than seven years of experience when I bought this lovely 5 bedroom home in Traverse City, Michigan. It was my families dream home and we intended to live out our days there. So committed were we to this goal that we put 20% down payment which we bootstrapped from sale of a previous home and savings, we paid off our consumer debt and I qualified for an 80% loan to value mortgage by showing tax returns and pay stubs using only my income.