QUESTION
Do I have case agaist Bank of America due to long delays on a loan modification and getting cherged more than what we bought the house for.
Asked on Mar 24th, 2015 on Debtor and Creditor - Texas
More details to this question:
We bought our house for $111,000 more than 7 years ago and ended up getting a loan modification 4 years later. We started the process of the loan mod. and it took over a year to get it done due to them loosing our paperwork and almost getting foreclosed on because of there poor work practices. My wife and I were very worried about loosing our house and tried to contact B.O.A many times but could not get a hold of anyone that would help us. In the end after a year the loan did completed after not getting to make any payments for that year plus. We sold our house this past January and found that we owed over $123,000 upon closing. This was a shock to us seeing that we bought the house for $111,000 and lived there for over 7 years. I feel that we were scammed and taken advantage of because of there own faults and practices.
1 ANSWER
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Your story is echoed by millions of other homeowners. It is very unfortunate that it occurred. However, there really is not much more you can do about it. Most of the lawsuits are over, and certain homeowners received checks from some of the banks. Usually they did not amount to more than a few hundred dollars. Further, when you executed your modification documents, the new loan balance probably would have been stated therein. Hopefully there is some solace in the fact that you saved your home and were able to sell it, which means you were not too far underwater, if at all. Best of luck to you!
Answered on Mar 24th, 2015 at 7:52 AM