The BOA miracle
Last Saturday, we received correspondence from our attorney that indicated that the Chapter 13 trustee motioned to have our bankruptcy dismissed because we did not make payments on a timely basis. In fact, we were a month behind. Talk about panic! My spectacular attorney said no worries, don't panic and we will fix this. We scheduled an appointment to meet with him on Thursday.
Anyway, the miracle occurred Thursday afternoon. My wife called me at work and said we received a FEDEX letter from BOA. My initial thought was uh oh. We were behind with them as well on our second mortgage and they were going to seek Chapter 13 dismissal as well. Talk about watching your life crumble in front of your eyes.
The miracle. My wife read the letter to me and then I had her read it to me again. BOA in an effort to help its customers and provide you with sustainable home ownership has cancelled your entire second mortgage(all $98,000 of it) and we were no longer required to make any further payments. Are you kidding? As it turns out, the letter was legit and our attorney congratulated us on winning the lottery.
Apparently, BOA (along with four other major lenders) had been sued by the US DOJ (and 48 states) for faulty mortgage practices and had agreed to set aside $5 billion dollars as part of a settlement. In fact, 150,000 BOA customers received the same letter that we did. We will now be able to catch up with the trustee without a plan amendment and some degree of normalcy has returned to our household. I am hoping that there are many more Bankruptcy Forum members that get to share similar stories to this.
It's nice to finally catch a break and I am wishing the best for anyone else who has been struggling.
Anyway, the miracle occurred Thursday afternoon. My wife called me at work and said we received a FEDEX letter from BOA. My initial thought was uh oh. We were behind with them as well on our second mortgage and they were going to seek Chapter 13 dismissal as well. Talk about watching your life crumble in front of your eyes.
The miracle. My wife read the letter to me and then I had her read it to me again. BOA in an effort to help its customers and provide you with sustainable home ownership has cancelled your entire second mortgage(all $98,000 of it) and we were no longer required to make any further payments. Are you kidding? As it turns out, the letter was legit and our attorney congratulated us on winning the lottery.
Apparently, BOA (along with four other major lenders) had been sued by the US DOJ (and 48 states) for faulty mortgage practices and had agreed to set aside $5 billion dollars as part of a settlement. In fact, 150,000 BOA customers received the same letter that we did. We will now be able to catch up with the trustee without a plan amendment and some degree of normalcy has returned to our household. I am hoping that there are many more Bankruptcy Forum members that get to share similar stories to this.
It's nice to finally catch a break and I am wishing the best for anyone else who has been struggling.
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