Just read the story about Countrywide-BOA not cooperating with the stimulus money. Well we just had a similar thing happen.
We downsized in 2006 and built a smaller house; had sold our other house we were in for 18 yrs. We have excellent credit and were foolish enough to take the 5 yr Fixed ARM not realizing things were going to get this bad. Obviously, the market has tanked and even though we put $90K down, we still owe more then the comps. It did not matter that BOA foreclosed on at least 30% of the homes in our neighborhood and resold $600K stripped houses for $200K. Now it is our problem and were denied our mortgage to be modified.
So, we are facing absolute foreclosure as we go into our retirement years, because BOA would rather have their house back instead of redoing our loan for a fixed interest.By the way, BOA was not blink an eye when I told them they were getting fair warning of our intent to foreclose.
This does not make any sense at all and certainly does not follow our President's stimulus plan... Or does it? Lets see how many other homes are going to go vacant and foreclosed in the next 2 yrs.
What has this Country come down to? Crooks and Dishonesty seems to be the everyday motto in business.
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