It burns me up!

[tigerman]

I filed bk 7 and walked from our home. we are still live there renting it from the bank while they have it for sale. They dropped the price twice so far, these a--holes denied me a loan modification but are willing to sell it for over $50,000 less than what we owed. If they would have gave me some kind of modification I wouldn't of walked. I try not to let it bother me now but damn somebody is gonna get a good deal on this house. BofA, did I expect anything different, lol

[Floridagail]

That is why we are staying and paying nothing. They can sell it after they forclose on it. Last payment May or June 2010.

[tigerman]

I paid nothing for 2 years, it was nice....the rent is less than half what my mortgage was.

[subking]

I filed bk 7 and walked from our home. we are still live there renting it from the bank while they have it for sale. They dropped the price twice so far, these a--holes denied me a loan modification but are willing to sell it for over $50,000 less than what we owed. If they would have gave me some kind of modification I wouldn't of walked. I try not to let it bother me now but damn somebody is gonna get a good deal on this house. BofA, did I expect anything different, lol

You ain't kidding and I know exactly how you feel. They won't do anything for most but then go and sell your house for almost nothing to some investor who then flips it, funny how no one I know can find a nice house for $50,000 yet these real estate investors pick up homes all day long for $50,000, they must somehow be working with these banks cause none of this makes sense.

[Drazil65]

They especially will not do anything as long as they are getting "rent" from you. You do know that you can just stop paying and stay there right? Then maybe they will pull the trigger to sell or foreclose. Why don't you just save your money for that time when you have to be out (whether they sell or foreclose), your name is still on it so you have the right to live there. You obviously know you will have to move at some point as you surrendered it and the bank has it up for short sale. We just sold our primary house last October in a short sale situation after our chp 7 discharge. Our bank tried to make us do things when they were selling it as well. We laughed and said "ahhh no", they ended up doing what they needed to do to avoid the foreclosure route and made the sale. We were able to save quite a bit of money during that time and now live in a great townhouse for much less than our mortgage was and we have a pool. Not bad. Maybe rethink your position on paying the rent to the bank, its really money you are throwing away if they are trying to sell the house anyway. Good Luck!

[ValleYum]

Due respect Drazil, if they signed a lease agreement, the bank could sue them in civil court and could file an eviction against them as well.

If the bank still hasn't sold it when their lease term ends, they might could stop paying then as long as there isn't a month-to-month continuation of lease type clause in the lease they signed.

OP, IMO it would be wise to ask an attorney before ceasing any payments since you have this lease agreement with them.

[Pjmax]

I don't quite understand why OP is paying rent. Was the house actually foreclosed? Who owns it, OP or the bank? Not trying to be smart here, just trying to learn. I'm confused.

[justbroke]

I just thought of the same thing as PJmax. How are you renting if the bank has not foreclosed. In this particular case, this means that the bank has actually foreclosed, but it is an REO property. REO stands for Real-Estate Owned and is typically the status of a property where the bank is the only bidder at the foreclosure. That means that the property is, in fact, owned by the bank. The bank is trying to sell it and has in all likelihood hired a Realtor to handle the transaction. The property is just not selling, so the bank keeps lowering the amount.

Now, add to what LITR wrote, this means that the poster is indeed RENTING and is bound by the terms in the rental/lease agreement. Any violation of the terms could result in an eviction. An eviction is the WORSE thing you could have on your history when it comes to finding somewhere to live! Do not get an eviction.

In the end, the bank will collect market rent for as long as it can. It does not even need to be motivated to actually sell the property. The bank could keep it managed, through a third party, and collect rents until the value comes up. Or, as in this case, keep adjusting the price downward until it sells.

[tigerman]

Yes it was foreclosed in Mar 2012, Oct 2012 I was given 3 choices...2 different cash for keys option or rent it til it sells. I chose to rent and I started paying in Nov. The rental part is handled by a property management company and yes I did sign a lease agreement, its basically a month to month agreement. What I've paid in rent does not even come close to make up what they will lose when it does sell which probably wont be too much longer because they are damn near giving it away now....sorry for any confusion

[Drazil65]

Sorry that was my confusion as well (thank you ValleYum), could not figure out why OP was paying rent if they had not foreclosed. It almost sounded like a short sale situation. Thank you for clarification it makes much more sense now why OP is paying the bank rent. If month to month lease then I guess either side can end the lease when they want to with 30 notice I guess. At least if you want to go you can rather quickly. On the other hand you probably are not going to get much time once they sell. Good Luck with whatever happens.

[tigerman]

I have to give 30 day notice when I want to leave or if it sells I have to be out 30 days from the closing date.

[subking]

I'd rent from the bank as well at this point. I'm tired of being considered for a mod, giving them all the paperwork over and over and over, only then be told no with no explanation. It seems like their the only ones who makes decsions here, either they will give you a mod or not, whatever they feel like doing.

If they would just work with people I think alot of people would stay.

[tigerman]

The whole modification process was a freaking joke! I went through that BS for 2 years and then got denied. I got behind on my mortgage when I got laid off, 8 months later I was back to work and was able to make my payment but I was still 5 months behind and they looked at everything to the present day, they could care less why I got behind. It was the biggest joke!!!.... I filed BK to get rid of all my credit cards and didn't reaffirm my mortgage.

[subking]

The one thing I'm looking forward to is dumping the house on them. We have a badly leaking basement due to the foudation being cracked and big cracks in the basement walls, we also have mold, the gargage in sinking into the ground it has a very bad foundation and the home is very outdated and needs lots of repairs on the inside. So when they do take the house theres gonna be lots of very expensive repairs before it can be sold.

We didn't reaffirm either were way upside down on the house and it has a second. It would only make sense for them to do a mod so we would stay in the house, but I don't understand BOA they make no sense.

[tigerman]

Just to give an update, there is an accepted offer on my home. Realtor came over today and said the bank is offering cash for keys to be out within 30 days. I wasn't expecting that, I guess that's kind of a bonus for me. I signed the paper and agreed to it. The part I don't understand is wouldn't I have to move out anyway?????? lol