Bank of America has turned down three loan modification attempts even though we qualify. All the money that Obama has given them to help us they just keep with no intention to really help!

Bank of America has turned down three loan modification attempts even though we qualify. All the money that Obama has given them to help us they just keep with no intention to really help!

Denied for bank modification. Had a short sale arranged but BOA wanted us to sign a paper saying they could come after us for the rest forever.
Why can’t our loan be renegotiated to the same principal a short sale buyer/investor would pay? Banks get bailed out, families get kicked out.

Denied for bank modification. Had a short sale arranged but BOA wanted us to sign a paper saying they could come after us for the rest forever.

Why can’t our loan be renegotiated to the same principal a short sale buyer/investor would pay? Banks get bailed out, families get kicked out.

Under FHA I revised my mortgage and paid bank. After 8 months, they reneged and demanded all money owed and reported us delinquent for the 8 months, ruining our credit.
Now they want to take our home.

Under FHA I revised my mortgage and paid bank. After 8 months, they reneged and demanded all money owed and reported us delinquent for the 8 months, ruining our credit.

Now they want to take our home.

The banking industry has really destroyed many people’s dreams & hopes & everything we have ever worked for. 
I went forward with my plans at the time because I took the bank’s word for something.  It just didn’t occur to me that they would back out of their deal with me or that they would purposely lie.  For a huge number of people, like me, who are in our mid-50’s or older, how do we even begin to get a life back?  How do we get back on our feet?  Few jobs, no benefits at the majority of those jobs, and certainly not high-paying jobs.  For people, again, like me, who have worked for themselves, how do we start over again?  We can’t keep holding on with our toe nails forever. 
For all the talk about bringing jobs to this economy, I find it extremely difficult to navigate the labyrinth of grants & loans in order to be able to start over again.  How can we start over again when our credit has been shot?  When we’ve lost everything we’ve ever had?  Is there a point to fighting to continue if there doesn’t appear to be any light at the end of the tunnel?  I’m not afraid to start over again - but it seems that no one is willing to give me that chance.  That’s the hardest & highest hurdle to get over. 
I really would appreciate any feedback on this.  What are YOU doing in order to start over?

The banking industry has really destroyed many people’s dreams & hopes & everything we have ever worked for. 

I went forward with my plans at the time because I took the bank’s word for something.  It just didn’t occur to me that they would back out of their deal with me or that they would purposely lie.  For a huge number of people, like me, who are in our mid-50’s or older, how do we even begin to get a life back?  How do we get back on our feet?  Few jobs, no benefits at the majority of those jobs, and certainly not high-paying jobs.  For people, again, like me, who have worked for themselves, how do we start over again?  We can’t keep holding on with our toe nails forever. 

For all the talk about bringing jobs to this economy, I find it extremely difficult to navigate the labyrinth of grants & loans in order to be able to start over again.  How can we start over again when our credit has been shot?  When we’ve lost everything we’ve ever had?  Is there a point to fighting to continue if there doesn’t appear to be any light at the end of the tunnel?  I’m not afraid to start over again - but it seems that no one is willing to give me that chance.  That’s the hardest & highest hurdle to get over. 

I really would appreciate any feedback on this.  What are YOU doing in order to start over?

My little house was in Cotter, AR.  I was self-employed selling fabric online & trying to pay off the credit card debt my ex-husband had racked up in my name (was about a year from having them all completely paid off).  I had 2 years left to pay on my house before it would have been free & clear.  The only thing I used credit cards for, ever, was for inventory for my online business.  When the crash started, I got notices from the credit card companies that they were raising my cozy 4% APR to as much as 29% APR.  I talked to my bank, where I had my mortgage, savings account, checking account, and car note.  They told me to close the credit card accounts (that’s the only way to keep the low APR) and that they would have my back when I needed more inventory.  I paid off as much on the credit cards as I could before getting any more inventory.  By the time I was ready for more inventory, the banks weren’t loaning to anyone for anything, even though they had repeatedly told me they would never let me go under.  The less inventory I had, the less my sales were.  When I couldn’t make the house payment any more, after having gone through all of my savings, I called the bank to tell them (I thought I was being responsible).  They basically said tough luck.  We’re going to foreclose.  Your income has dropped & so has your credit score, so there’s nothing we can do for you.  This despite having made double payments for at least 3 years.  They ended up taking the house just 4 months later, in Dec. 2010.  The house had a brand new metal roof and real hardwood floors throughout that I had put in & finished.  I signed over a Deed in Lieu and made sure I wouldn’t be responsible for any difference between what I owed and what they would end up selling it for.  I lost everything - my house, my perfect credit, and everything I owned except for my clothes.  I’m 56 years old, have worked for myself for the majority of my life.  No one wants to hire me because I have no references and haven’t worked for someone else in many years (not that jobs are exactly many & varied these days).  I can’t get a loan or grant to start over again.  I’ve been turned down for disability, even though I have a multitude of health problems, including a heart attack a few years ago.  I’m currently staying with (you can hardly call it “living” - it’s a tenuous situation, at best) my ex-mother-in-law in Indiana and receiving $149/month in food stamps.  That’s it. 
I’d like to know if anyone has any ideas on starting over again?  If I could get “seed money” for inventory, I am certain I could get my fabric sales going again to the point where I could live in peace.  Never in my life did I even consider that I would be in this position.  I want the GOP who are in favor of the Ryan budget plan to tell me how much further they are going to cut the social safety net.  At this point, I’m not seeing much of a net (more like shreds) & even less hope of one any time in the near future.  Do we all just give up?  I have no family to turn to and have borrowed even from friends, which is something I would have sworn that I would never be forced to do.  I haven’t made a credit card payment in 2 years, not because I don’t want to pay my bills, but because I literally have no money with which to pay them.

My little house was in Cotter, AR.  I was self-employed selling fabric online & trying to pay off the credit card debt my ex-husband had racked up in my name (was about a year from having them all completely paid off).  I had 2 years left to pay on my house before it would have been free & clear.  The only thing I used credit cards for, ever, was for inventory for my online business.  When the crash started, I got notices from the credit card companies that they were raising my cozy 4% APR to as much as 29% APR.  I talked to my bank, where I had my mortgage, savings account, checking account, and car note.  They told me to close the credit card accounts (that’s the only way to keep the low APR) and that they would have my back when I needed more inventory.  I paid off as much on the credit cards as I could before getting any more inventory.  By the time I was ready for more inventory, the banks weren’t loaning to anyone for anything, even though they had repeatedly told me they would never let me go under.  The less inventory I had, the less my sales were.  When I couldn’t make the house payment any more, after having gone through all of my savings, I called the bank to tell them (I thought I was being responsible).  They basically said tough luck.  We’re going to foreclose.  Your income has dropped & so has your credit score, so there’s nothing we can do for you.  This despite having made double payments for at least 3 years.  They ended up taking the house just 4 months later, in Dec. 2010.  The house had a brand new metal roof and real hardwood floors throughout that I had put in & finished.  I signed over a Deed in Lieu and made sure I wouldn’t be responsible for any difference between what I owed and what they would end up selling it for.  I lost everything - my house, my perfect credit, and everything I owned except for my clothes.  I’m 56 years old, have worked for myself for the majority of my life.  No one wants to hire me because I have no references and haven’t worked for someone else in many years (not that jobs are exactly many & varied these days).  I can’t get a loan or grant to start over again.  I’ve been turned down for disability, even though I have a multitude of health problems, including a heart attack a few years ago.  I’m currently staying with (you can hardly call it “living” - it’s a tenuous situation, at best) my ex-mother-in-law in Indiana and receiving $149/month in food stamps.  That’s it. 

I’d like to know if anyone has any ideas on starting over again?  If I could get “seed money” for inventory, I am certain I could get my fabric sales going again to the point where I could live in peace.  Never in my life did I even consider that I would be in this position.  I want the GOP who are in favor of the Ryan budget plan to tell me how much further they are going to cut the social safety net.  At this point, I’m not seeing much of a net (more like shreds) & even less hope of one any time in the near future.  Do we all just give up?  I have no family to turn to and have borrowed even from friends, which is something I would have sworn that I would never be forced to do.  I haven’t made a credit card payment in 2 years, not because I don’t want to pay my bills, but because I literally have no money with which to pay them.

We built our house in Hailey, Idaho in 2007. 2008-09 were great for us. My 14 year old business was growing. Now our small business is down to one day a week. I work for a local manufacturing company for a fraction of what I made when operating my business 5 days a week. My wife’s income dropped $600 a month from loss of business. The house behind ours is abandoned. We hoped to sell our condominium when our house was completed. It was on the market from 2006 to 2010. When the business failed we could not cover the condominium mortgage and the value of the unit dropped over $100,000. After a failed attempt to short sale the condo, it foreclosed. B of A was compensated by Fannie Mae $174,000. That is about $10,000 more then we owed. We still owe $20,000 on a second on the condo. We put all of our savings and countless hours of sweat equity into our home and we’re paying about 60% of our income into our primary mortgage and $300 a month for the second. I’m not sure how long we can do this.

We built our house in Hailey, Idaho in 2007. 2008-09 were great for us. My 14 year old business was growing. Now our small business is down to one day a week. I work for a local manufacturing company for a fraction of what I made when operating my business 5 days a week. My wife’s income dropped $600 a month from loss of business. The house behind ours is abandoned. We hoped to sell our condominium when our house was completed. It was on the market from 2006 to 2010. When the business failed we could not cover the condominium mortgage and the value of the unit dropped over $100,000. After a failed attempt to short sale the condo, it foreclosed. B of A was compensated by Fannie Mae $174,000. That is about $10,000 more then we owed. We still owe $20,000 on a second on the condo. We put all of our savings and countless hours of sweat equity into our home and we’re paying about 60% of our income into our primary mortgage and $300 a month for the second. I’m not sure how long we can do this.

We had to buy the dilapidated townhouse next door to us in order to fix it up as it was dropping the value of our home and we hoped to sell.  
It was deemed uninhabitable and took a lot of work.  We took the equity out of one to fix up the other.  We got ARMs fully understanding that we would need to sell/refinance. We found renters easily but not buyers. The market was still optimistic so we were encouraged by everyone (particularly our mortgage broker) to go ahead and rent both, buy the larger home which was the dream behind the entire situation and refinance or sell after we were settled.  The rental income would help us qualify. 
It helped us all right.  The rental income helped us right into a nice house and its larger loan, but THAT loan “over-extended” our credit and no one would refinance the rental townhouses.  
As long as interest rates stayed low we were going to be ok but then property values plummeted.  And then my husband was laid off.  We managed to sell the big house for exactly what we owed, but spent all of our savings and retirement trying to be honorable and pay back those mortgages in full.  
We moved back into one of our townhouses, flat broke.  It’s been a full circle and years of hard work and we’ve come out the other side underwater. Both townhouses are underwater by about $20-30,000. That’s -18.5% value.  What a horrible investment!  AND IT’S ALL I HAVE.  
I can not get a loan if we can’t get an appraisal to come out where we need it.  The only sales in the area have obviously been distressed and foreclosures so the comps will not come even close.  Despite trying to be proactive, the banks say they can not help. It is not Freddy Mac, Fanny Mae, or FHA.  
So we sit here (as we can not rent for cheaper) until interest rates increase, my payments increase, and I can not make the payments.  Then maybe the banks will consider restructuring.  
It amazes me that I actually have to default on a loan to get help. 
It amazes me that three units up is a foreclosure that has been empty for almost a year and is starting to fall apart.  
Is that what is in store for my properties? What’s worse is that if by some slim chance I get loan modifications, the house will still be so underwater that it will be a huge debt, not an investment.  Why would I do that?  Instead, I guess, we will walk away. 
I have lost all faith in the America I was raised to believe in.  I cant believe that after 16 years of hard work I am worth less than I was when I graduated college. The most I hope for is to resolve this property issue and then live a simple and debt-free life so that when I die I do not leave my daughter debt to contend with.  And of course that I don’t live too long so that I will not be a burden to her.  Haven’t we burdened our descendants enough?  I don’t even know what to tell my daughter to believe in anymore.  Not the American Dream, that is for sure.  Not that hard work pays off.  Or that even honesty and honoring your debts pays off.  Probably that corporate America just wants your dollar, ignore all advertising to the contrary, so she would be wise to live a life that avoids giving it to them. Pay in cash.  Trust no one.  Move to Europe.

We had to buy the dilapidated townhouse next door to us in order to fix it up as it was dropping the value of our home and we hoped to sell. 

It was deemed uninhabitable and took a lot of work.  We took the equity out of one to fix up the other.  We got ARMs fully understanding that we would need to sell/refinance. We found renters easily but not buyers. The market was still optimistic so we were encouraged by everyone (particularly our mortgage broker) to go ahead and rent both, buy the larger home which was the dream behind the entire situation and refinance or sell after we were settled.  The rental income would help us qualify. 

It helped us all right.  The rental income helped us right into a nice house and its larger loan, but THAT loan “over-extended” our credit and no one would refinance the rental townhouses. 

As long as interest rates stayed low we were going to be ok but then property values plummeted.  And then my husband was laid off.  We managed to sell the big house for exactly what we owed, but spent all of our savings and retirement trying to be honorable and pay back those mortgages in full. 

We moved back into one of our townhouses, flat broke.  It’s been a full circle and years of hard work and we’ve come out the other side underwater. Both townhouses are underwater by about $20-30,000. That’s -18.5% value.  What a horrible investment!  AND IT’S ALL I HAVE. 

I can not get a loan if we can’t get an appraisal to come out where we need it.  The only sales in the area have obviously been distressed and foreclosures so the comps will not come even close.  Despite trying to be proactive, the banks say they can not help. It is not Freddy Mac, Fanny Mae, or FHA. 

So we sit here (as we can not rent for cheaper) until interest rates increase, my payments increase, and I can not make the payments.  Then maybe the banks will consider restructuring. 

It amazes me that I actually have to default on a loan to get help.

It amazes me that three units up is a foreclosure that has been empty for almost a year and is starting to fall apart. 

Is that what is in store for my properties? What’s worse is that if by some slim chance I get loan modifications, the house will still be so underwater that it will be a huge debt, not an investment.  Why would I do that?  Instead, I guess, we will walk away. 

I have lost all faith in the America I was raised to believe in.  I cant believe that after 16 years of hard work I am worth less than I was when I graduated college. The most I hope for is to resolve this property issue and then live a simple and debt-free life so that when I die I do not leave my daughter debt to contend with.  And of course that I don’t live too long so that I will not be a burden to her.  Haven’t we burdened our descendants enough?  I don’t even know what to tell my daughter to believe in anymore.  Not the American Dream, that is for sure.  Not that hard work pays off.  Or that even honesty and honoring your debts pays off.  Probably that corporate America just wants your dollar, ignore all advertising to the contrary, so she would be wise to live a life that avoids giving it to them. Pay in cash.  Trust no one.  Move to Europe.

Some people say that homeowners are underwater because they took out loans that were larger than they could afford and bought homes that were more than they needed.  My condo is now worth half of what I paid for it five years ago.  Why?  Did I take an unnecessary shortcut so I could fulfill my dream of living in a penthouse suite, have a yard big enough to build my own Neverland Ranch or because I had to keep up not only with the Joneses, but with the Gates as well?  Well, you tell me.  The home I bought is a third floor walkup studio condo that is less than 500 square feet.  I didn’t take out a home loan so I could revel in the luxury of the life of the 1%.  What I did do was fail to predict the abrupt end of a century long trend of increasing home values, and purchase a home about five minutes before the housing bubble burst.  

Some people say that homeowners are underwater because they took out loans that were larger than they could afford and bought homes that were more than they needed.  My condo is now worth half of what I paid for it five years ago.  Why?  Did I take an unnecessary shortcut so I could fulfill my dream of living in a penthouse suite, have a yard big enough to build my own Neverland Ranch or because I had to keep up not only with the Joneses, but with the Gates as well?  Well, you tell me.  The home I bought is a third floor walkup studio condo that is less than 500 square feet.  I didn’t take out a home loan so I could revel in the luxury of the life of the 1%.  What I did do was fail to predict the abrupt end of a century long trend of increasing home values, and purchase a home about five minutes before the housing bubble burst.  

I am in debt to B of A and it really feels bad to be paying them. I am older and will never make it to the principle they are charging. They have not responded to my requests to find out their options.

I am in debt to B of A and it really feels bad to be paying them. I am older and will never make it to the principle they are charging. They have not responded to my requests to find out their options.

This is me, a regular guy, retired from the Air Force.  
My wife and I got a second on our house, one of those 125% loans.  Our first is below the market value, but the second is about $60,000 over what the house is appraised at.  Our first is a FHA loan.  
We tried to refinance, but because they will only go to 100% of the loan to value on BOTH loans, we don’t qualify.  I’ve been unemployed for most of the last 2 years and I’m about to run out of unemployment benefits.  Without them we will lose our house.

This is me, a regular guy, retired from the Air Force. 

My wife and I got a second on our house, one of those 125% loans.  Our first is below the market value, but the second is about $60,000 over what the house is appraised at.  Our first is a FHA loan. 

We tried to refinance, but because they will only go to 100% of the loan to value on BOTH loans, we don’t qualify.  I’ve been unemployed for most of the last 2 years and I’m about to run out of unemployment benefits.  Without them we will lose our house.