Feb 24, 2016
Dude and AC,
Those are some very good tips. I should never have been allowed to get a mortgage from anyone, but, thankfully, Countrywide and their subprime mortgage plan came along. Between my low-paying, temporary job and my high credit score, they saw me coming from a mile away and jumped on me like a cheap suit in 2005. Then the real estate crash came, Bank of America took things over and it all turned into a big joke. Buying my own piece of real estate was supposed to be a good thing and I was very proud at the time, but it has turned out to be the single biggest mistake I've made in my life.
I've talked to real estate attorneys, foreclosure and bankruptcy attorneys and they all said the same thing. That is-----the bank does not want any more homes and would prefer any other option. They are also terrible at resolving these re-payment issues due to their incompetence. But the banks all have worthless departments dedicated to trying even after foreclosure notices. These attorneys know many BofA customers who have been living in their houses and especially condos for many years (6 years is the longest I've heard) and the bank sends one letter after the next. If you don't reply or pay, they have no idea that you still live there.
While this situation can't go on forever, it can go on long enough for people to secure other housing off the grid, and hopefully get a better job. Do yourself a favor, watch the movie "The Fifth Estate". It's about the man who founded WikiLeaks because he thought it was important that the public know the truth that everyone around the world was hiding from us. Pay close attention to the part where WikiLeaks took down a Billion-dollar bank, Julias Baer, a Swiss bank that cheated US customers out of billions of tax revenues.
That's one of the many reasons we can keep a roof over our heads without paying for it. Good luck!