Financing in Menomonee Falls>Question Details

Kevin, Both Buyer and Seller in Menomonee Falls, WI

I cannot get remodified by BofA. House is in disrepair and I dont see why I would spend money to fix it.

Asked by Kevin, Menomonee Falls, WI Sat Apr 25, 2009

For the last 4 months I have been close to 30 days late on the mortgage. I lost my job one month ago and contacted Bank of America to remodify (I am unable to refinance). Its like talking to a debt collector, the person on the phone keeps trying to get me to send in a payment BEFORE they will see if I am eligible for remodification.
When I said that I wont send in a payment until I know if I am remodified or not, then they ran me through the questions and told me that I wasnt accepted. I asked why but was told that they do not see why I was rejected.
I have 3 leaks in my roof, one is in desperate need of repair and I told BofA all of this. But why would I fix it or make any other payments to BofA? I would rather take the hit on my credit and have money for rent.
If I got remodified even for short-term,then I would make the fixes to the house and make my payments. This is a win-win and BofA cannot see it!
What should I do? And please no responses about moral obligation.

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Answers

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If you are looking to move on to a rental situation and are not concerned about your credit, I would suggest listing the home with a Realtor who is experienced with short sales. It sounds as though the property will be difficult to sell based on its needs, unless the price is right. It will probably require a cash buyer as most lenders will not lend on a property with a roof that is in serious disrepair. All of the costs related to the short sale are customarily taken from the proceeds; so it should not be a situation where you would need to take money from your pocket that you may not have. Assuming you owe more than the property is worth or it will bring in its condition and the current market; your lender will have the final say on the approval of the sale. They may then try to get you to agree to be responsible for the difference or just be willing to forgive the difference. You will never know what they want until you get to that point. You can choose to agree to this or not. If you can't come to terms with the lender and are willing to walk away from the property, it will then be foreclosed on. Good luck to you!
Web Reference: http://www.scwihomes.com
0 votes Thank Flag Link Sat Apr 25, 2009
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