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Success, Failure...some of my greatest failures have been a springboard to my greatest successes...the terms are truly fluid.

Tuesday, August 11, 2009

Foreclosure and Move!!

Well, we knew we could not afford to stay here but we were not clear as to what avenue to pursue...until we visited the town that Manny has his spare house. When we went to check on it...his "investment house" turned into our best case we opted for trying to negotiate with BofA that holds the loan on it. We have not been able to keep up payments and found ourselves on the foreclosure listings.

We had a month and a half to get into talks with a big company like Bof A and yet no one answered their phone for a week...the people we did talk to after long periods on hold...tried to sidestep the loan now insisting we talk to the Conveyance Company that was in charge of its auction in mid August.

We turned in the packet of papers they requested to prove we were legitimate in our quest to "keep" the house. It was weeks before we received the "said" packet of paperwork from BofA and yet when we did receive it we returned it the next business day after it was received (in the morning) and yet they still sat on it for a couple of weeks...

Now when it was getting too close to auction and we were moving in as we had said changing it to a "primary residence" instead of an "investment property." And still no response or help from Bof A.

So we contacted the local HUD people to help us negotiate with our mortgage people at Bof A. We also confirmed that we can declare bankruptcy to keep the house. And we found out that Manny's union from his job would also help us by going to bat with the Bof A people.

We also confirmed with a lawyer friend that in order to keep what was an investment property, one must move in completely and make sure the mortgage company knows it is your primary residence.

So now we are moving...just decided two days ago to rent the truck...started packing yesterday and we pickup the truck on Thursday....
Wish us luck and hope this helps anyone out there with a similar situation....

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