Bought a house in Pierce County,Countrywide, BOA now, Cracked stem walls in floor not revealed, in Foreclosure now, any recourse

Asked by Rickey D, Seattle, WA Tue Feb 22, 2011

Contacted BOA, Come to Table, Rengotiate loan, Denied. Want save house if I can. BOA will not work with me and have been in FC for 3 years. Asked for original note, they are working on it, considering Bankruptcy although want to stay or save house. 206-778-6656, Rick

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11
Geoff Hill, Agent, Seattle, WA
Tue Feb 22, 2011
Most bank-owned properties are sold "as-is". The banks generally don't have any information at all about the condtion of the home (and they like it that way). That allows them to answer "don't know" for most answers on the seller disclosure form. Your best (and really only) protection against undisclosed problems with the home is a good inspection performed by an inspector who works for you. But I would also agree with Vera that this would be an appropriate time to contact a real estate attorney. If it can be proven that the bank did or should've known about this defect, then perhaps there's recourse . . . but unfortunately, there probably isn't.
1 vote
Barbara Mcma…, , Seattle, WA
Wed Mar 2, 2011
you haven't mentioned the age of the home. If it is a newer home, you may have recourse with the original builder (if they are still in business).
0 votes
Rob Graham, Agent, Seattle, WA
Wed Feb 23, 2011
Rickey,

So sorry for your situation. I can't imagine how stressful this must be for you. In addition to consulting with a lawyer, I would not give up on working with BofA. Keep calling them and asking if there is anything you can do. Sometimes they change policy and as your situation changes keep them posted. They may change their mind if you head down the path of bankruptcy.

Don't give up yet. Keep asking as many questions as you can. Hopefully something works out.
0 votes
Dallas Texas, Agent, Dallas, TN
Wed Feb 23, 2011
You need confer all your questions to an attorney .

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
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0 votes
Tonya Brobeck, , Everett, WA
Wed Feb 23, 2011
Rickey I would also agree with most everyone else, seek the advice of legal counsel. How long ago did you buy the house?
0 votes
Patrick Beri…, Agent, Seattle, WA
Tue Feb 22, 2011
In a short sale the seller doesn't get anything from the proceeds of the sale, regardless of sale price. The bank allows the house to be sold for less than he owes on it.
0 votes
Michael Emery, , Minneapolis, MN
Tue Feb 22, 2011
Ok, if he agreed to do a short sale, wouldn't he have to disclose the condition of the home? And wouldn't that significantly devalue the sale price of the home?
0 votes
Patrick Beri…, Agent, Seattle, WA
Tue Feb 22, 2011
Most likely what will happen is they are going to set an auction date. Sounds like you should talk to your attorney about what to do, but looks like you'll end up moving.

The thing about loan mods, etc, is that at the end of the day the lender doesn't have to do anything they don't want to do. Pending legislation might make this more difficult for them, but the final result will generally be the same. Bankruptcy can delay, but will not stop a foreclosure action.

Geoff's right--You most likely bought the house as-is and/or had the opportunity to conduct your own inspection. I don't know the details, so can't offer much help there. Let me play devils advocate here: You've been there for several years-Could a case be made that the damage happened after you bought it? How do you know? Do you know when the cracks appeared? Did a previous prospective buyer have an inspection done which showed this damage and submitted the inspection report to BOA before you came along? This issue is a long shot--the real issue here is that you haven't made a payment in 3 years.

Stop being emotionally attached to the house. You haven't made a payment for 3 years, and you'll soon have to leave, unless your attorney can work some magic or find a flaw in the original note. Foreclosure means you won't qualify for another traditional mortgage for 7 years--Short sale is 2 years. If you and your attorney feel short sale is your best option, look into it. I have more short sale info on my website.

Good luck.
0 votes
Jirius Isaac, Agent, Kenmore, WA
Tue Feb 22, 2011
Rick, You may have a lot of options. If you are interested from a legal perspective, you should contact an attorney. If you want to learn about some of your options, you can learn a lot online. Specifically, you can go to my blog site http://www.BellevueShortSaleBlog.com for information. If you want to discuss options with me, I would be happy to do that. In fact, since you put your phone number above, I tried to call you and got voice mail. You can call me sometime at 206-841-9976 if you want to talk.
0 votes
Kevin Hergert, , Seattle, WA
Tue Feb 22, 2011
Did you have a Home Inspection ? Did you sign a waiver to have a Home Inspection ?
0 votes
Vera Brodsky, Agent, Bellevue, WA
Tue Feb 22, 2011
The first thing I would do is contact an attorney - they can look at the note and determine if any mistakes were made. BoA probably would not refi because the house has problems. Have you considered a short sale? Modification is the only option to retain the same loan but again I would get a hold of the attn ASAP.
0 votes
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