Bank of America Accepted Short Sale – but they say you still owe

After a few weeks of the multiple times per day barrage of phone calls from Bank of America I attempted to resolve this by calling them myself. The colossal comedy of incompetence a person has to suffer in order to get a straight answer from Bank of America is deplorable! As a Mortgage Loan Officer with nearly 15 years of experience speaking the language of mortgage lenders I can only imagine how impossible this experience is to someone without similar experience.

What to do when Bank of America tells you that you still owe $87,000 after the short sale of your home?

Dream Home Sold at Short Sale

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.

If you are at risk of foreclosure please click on this link.

This article was written by ricardocobos

Since relocating from Northern Michigan in 2007 I have lived in Garner (27529) with my wife Melanie and our four children. With personal production of 8MM in real estate sales across Southern Wake County I am considered to be a local market expert in the following communities: Garner (27529), Fuquay-Varina (27526), Holly-Springs (27540), Apex (27502), and Raleigh (27603, 27604, 27606, 27609, 27610)) which spans from downtown Raleigh to Willow Spring including Lake Wheeler. Call or email me, I’m here to help! Ricardo Cobos (919) 526-0183

Comments

  1. Great post. Unfortunately, I am waiting for more of these cases to hit the recently ‘sold’. Not only are people being sued by the servicers, but I am hearing that MI companies, Fannie and Freddie are on a warpath too.

    Though BoA is the culprit here, they are even worse offenders! Hello Aurora, PNC, Suntrust….

    With the recent development of the HAFA short sale process and BoA’s own Co-op short sale, deficiencies are waived in writing. FHA and VA have similar policies too.

    Regrettably, I see this getting much worse before it gets better.