Disappointed by our Payment for Bank Of America taking our hosue
So a few years back during the height of the housing collapse our mortgage provider was taken over by the federal government. They "gave" our mortgage to Bank of America, which turned into a nightmare. We had a fixed rate mortgage, escrow, and PMI insurence. A month after the mortgage was moved they lost the payment, turned out they applied it to the wrong loan number because of a system "glitch" it what it says in the paperwork.
About a month later we recieved notice our payment was going up $400 a month because our city taxes Doubled. I called the city, and discovered this wasn't true. Bank of America has put our entire years tax bill as each summer (whole amount) and winter (whole amount). So we contacted BoA thinking it was just a easy to fix mistake, who then told us that our mortgage payment was going up actually $932 a month the following month because State Farm no longer carried our insurence, they swore they never recieved documents from State Farm for our homeowners (this was in addition to our city taxes, they refused to fix even with proof from the city) However they had paid State Farm for the homeowners renewel. They then tacked on their own policy which was several thousand dollars. Ok..... talked to State Farm who told us (and at this point our lawyer) that BoA was talking out there butts. They faxed us the paperwork, they faxed it to BoA, and I PHSYCALLY SENT IT TO THEM CERTIFIED. I also dropped it off at there local mortgage banking location, like we were told on the phone.
What happens, we are told that they never got it. Over the next few months we drained our savings fighting BoA and paying the mortgage. Finally we reached our breaking point, when we were told we didn't qualify for any federal help. We had contacted several lawyers, all finally told us the same thing (as did a Judge who is a friend) that we should just give up. It wasn't worth wasting away slowly in our home fighting to pay the utilities, draining our retirment. We didn't live in a large house (1200 square feet basic lower middle class here or pay too much for the house $125,000 in 2003). We then set up a short sale, however BoA pulled out about an hour prior to closing (seriously its all in the documentation).
Well, we just got the check from the government agreement with the banks a 25 billion dollar agreement.... and we got.... $300 bucks. That was enough to cover the moving truck... or the lawyers first 2 hours. It states that because are foreclosure is at a staging point, meaning its finished but not because the house isn't listed, and because we never had a modification (we were told we couldn't get one because it was escrow) we cant get anything else. I feel so defeated, we went after BoA and even when we'd win in court they would appel till we had nothing left at all. I'm happy we got something, but Bank of America got our home. We were hoping at least for something more... I'm not sure what but on the letter it states we cannot appeal the amount, that the procedures that cost us our home were not taken into consideration just that something was done wrong. I feel broken hearted.