I started the process of applying for a home loan modification in November. After submitting a total of 7 identical packages to various office in Bank of America, I was notified in January (letter dated 12/28/10) that I was not approved for the home loan modification. There were other options listed on the letter; when I spoke to a bank representative and advised him that the in-house loan modification had to be $1000.00/month or I would not be able to pay it, he told me that the bank would not be able to approve me for that payment amount. I then asked him if I could just sign the deed over to them (a deed in lieu of foreclosure) and did not expect any money for doing so—I just wanted to get this completed. He then said I had to try a short sale for 90 days; I told him that there were 5 houses on my cul-de-sac already listed for sale and were all short sales, and that I knew of several other homes in various stages of pre-default/foreclosure—in my small town there were 398 houses in foreclosure.
I advised the representative that a short sale would be impossible; I told him I just wanted to complete everything so I could leave. I am retired and had lived in the house for some years—my retirement income was cut severely when a relative (nephew) stopped making payments to me on an investment—I trusted him and he had paid me faithfully. I believed all of his promises to pay and foolishly used up my savings/credit cards to make up for the lack of his payment. I let this continue for 2-1/2 years until I realized he was never going to pay me—painted myself into a corner and I was now in complete chaos.
I was hoping for a loan modification which could be adjusted to my lower income. For 14 months I hoped and then there was no hope. I had kept up the second mortgage payments because I felt that would be best for me when I got my loan modification. My health deteriorated severely (I am older) and my children were very worried. Finally my son (and daughter-in-law) decided I was to move in with them, in another state, and traveled to my house in February packed me up, and moved me. I knew I had lost my house, all of my possessions are in storage, and the knowledge of all this has been very depressing even though I realized I was lucky to have some place to live. This has been explained to the bank verbally and in writing (certified mail) so many times, it is almost laughable. The bank constantly leaves me phone messages and send me letters identifying the amounts I owe, etc., etc., etc. I have not responded because I simply cannot handle this any more.
Why don't they just foreclose and get it over with. I have lost my home and will probably never have another one. I am doing something I swore I would never do—live with one of my children although they have been wonderful to me. I hope that none of you ever have to be in this situation, it is defeating. My blood pressure is high and I have to take anti-depressants as well as various blood pressure medications. Why won't the bank just leave me alone and process the foreclosure. This is a torture no one should have to endure. Thank you for listening.
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