Home Selling in Hancock>Question Details

V. Davie, Home Buyer in Cape Coral, FL

how in the world does this make sense. I had this house sold for 195,000 cash...the bank turned it down and

Asked by V. Davie, Cape Coral, FL Fri Feb 13, 2009

foreclosed on me. Now they sell it for 91,000. The Gov. is paying for this and so are the rest of us??????? And why are we being sued for the balance......this is so wrong on so many levels. V. Davie vandtdavie@gmail.com

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Frustrated Debbie’s answer
I and my husband had apreapproval letter. We have a excellent crrdit score and a home in the UP o Mich that is bought and paid for with an apprasied value of more that the morgage. As soon as this is all over I will discontinue all bussiness I have with Bank of America. And contact all my Military and civilian friends to do the same , as they have the worst customer service of any company we have ever dealt with. We have had credit cards with them for a few yrs, but because we were always on time we never had a need to talk to them or our buissness would have been canceled long ago. Excuse My Spelling
0 votes Thank Flag Link Thu Apr 21, 2011
Hind sight is 50-50. It does not make sense, but the lenders have rules that they follow in order to be compliant. I am not sure how your transaction was handled, but there were issues that had to be handled that did not meet the rules. I am so sorry for your troubles. Hope that Easter finds new hope for you.
0 votes Thank Flag Link Thu Apr 21, 2011
I amin the process of trying to buy this house and have been for 4 months it is not selling for 91,000 it is selling for 97,000 Va with us having to bring half of the closing cost to the table. BAMK OF AMERICA is the lein holder and that is the problem, I am a 100% diabled vet and should not have to bring anything to the table. Our leander was willing to roll all closeing cost into loan but BAMK OF AMERICA would not agree. We have paid to have all home inspections done and did to include wind mit and termite, Only to find out that sewer is not hooked up or paid for 4 days before closing. Which has bee delayed. We found out 2 days ago that Cape Coral will not transfer deed untill sewer is hooked up so now we are fighting that. So maybe God smiled on you. Glass half empty half full.
0 votes Thank Flag Link Wed Apr 20, 2011
Wow! That doesn't make any sense.. I don't see that happening very often. Sounds like there was a break down with the people inside with lender. Soory this happened to you, but I think it is rare.
Web Reference: http://www.susanburhoe.com
0 votes Thank Flag Link Sun May 24, 2009

The whole process needs to be revamped......it's so messed up who would know where to begin to fix it. Probably the best think that could happen is a good old fashioned "house cleaning."
0 votes Thank Flag Link Fri Feb 13, 2009
Sorry to hear about this perhaps buyer who submitted an offer did not have approved lending. Lender had no other option foreclose. Best confer with attorney for any legal action taken against you . A judgement is not what you want on your credit report.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Fri Feb 13, 2009
Dave, it makes you wonder...
I had a short sale approved, only condition was the buyer had to have a commitment letter to the bank on Monday of this week, He had it to them, we were set to close next week. I get a call on Tuesday where I was told that the bank sold the house at auction.... They sold it for $102,000
Guess what, the offer the buyer made was for $140,000

I cant beleive it, and who pays for it??? Us the taxpayers.... Unreal!!!!
Web Reference: http://www.capecoralc21.com
0 votes Thank Flag Link Fri Feb 13, 2009
Hi V.,
I know exactly what you are talking about. I think you owed more then 195.000 to the bank.( correct me if I'm wrong)
But there is a process. in this situation you had to apply and qualify for what we call a short sale.
Once the property goes to auction and there where no bids to cover the entire mortgage amount plus additional fees, the bank now ownes the property. by the time they put it on the market as a REO the prices had dropped even more. So I completely agree with you. What is the common sense in this transaction????
who knows??????

If you want to read information about foreclosures, please visit my web site http://www.irenapopilevsky.com
0 votes Thank Flag Link Fri Feb 13, 2009
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