My letter to BofA - Why I cannot pay 3500.00 to close my house being sold as short sale

[TBA]

To Whom It May Concern,

I lost my job in January of 2011. Although I worked under the business name, XXXXXXX, my company existed to service one contract which I lost.

Despite desperate and numerous attempts to find employment (any employment) I remain jobless with an income of zero. As a former 1099 employee I am not eligible for unemployment benefits. I currently live in an RV on property that belongs to my daughter.

Due to the state of the economy, the futility of my job search and the indifference of my government to the plight of the unemployed in deference to the wealthy and corporate interests who actually control this country, I have no expectation that my situation will improve.

Therefore, I cannot contribute any funds to the short sale transaction regarding the property related to BOA loan #XXXXXXXX. In addition, I have no assets which could be liquidated. In short, I have experienced complete financial ruin.

Welcome to the new America,


XXXXXX (signature)

[SoCalDem]

1. B of A may want to see the title to that RV..

:grr:

I hope your circumstances improve :hug:


I had always thought that a short sale was just that.. the bank accepting less than was owed & the people selling were off the hook ..

[TBA]

2. The RV is my daughters (nt)

[REP]

3. Not exactly

We just bought a property that was a short sale. The bank is agreeing to take less than what is owed, but the paper-holders are still liable for some of the costs associated with selling a house, and the buyers are already paying so much they're unlikely to assume those fees to close the sale. Those are usually negotiated out of the realtors' commissions.

[SoCalDem]

5. I did hear that any "paper profit or written off loss" can be considered income

by the IRS, but I have also heard that they do not routinely enforce this..(thankfully)

Getting blood from a stone comes to mind :grr:

Seems to me that banks could save themselves a whole-lotta trouble if they would just reduce the damned principal amount for the people already IN the damned house...

[REP]

6. Well, that's not always why there's a short sale

Some were HELOC'd to death, even before the boom. That's what the former owners of our house did. Then we came along and made their problems go away by buying their house for what the bank agreed to settle for, getting them out of that hole.

[SoCalDem]

7. That's how my best friend lost her house

She had a great house pd $99K with $27K down.. She had easy-to-make payments, but she's the sort of woman who HAS to have a man...and she found herself a doozy.. Within 10 years they owed $335K on that house & of course they lost it...

She divorced him, and move out on her own again..broke but smarter..until..

you guessed it.. she met another man..

this one with no real job, so she moved in with him.. He's a semi-retired "ebay/swap meet" guy who now has a maid/cook/laundress/bed-warmer.. :cry:

I'll be there to pick her up when she falls, but I am more than a little pissed at her right now:(

[jorno67]

4. BofA screwed me too!

I had a buyer for my house set up to do a short sale. The Buyer had CASH! but made an error in the paper work so instead of asking him to correct the error they foreclosed on me. They would rather foreclose than short sale. Period!