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Debt Settlement HELOC BoA

Date: Mon, 10/04/2010 - 21:11

Submitted by anonymous
on Mon, 10/04/2010 - 21:11

Posts: 202330 Credits: [Donate]

Total Replies: 2


Over 2 years ago at the begining of the crisis, my home was foreclosed on. We moved for work out of state and after 6+ months had no offers for sale and no help with short sale or deed in lieu. The home was an 80/20 and all funds were used for the purchase of the home. When the property was sold only the 1st was discharged leaving us with the 2nd as our debt. The bank made a profit of over $23k on the 1st and non of it was applyd to the 2nd. After talking to a lawyer and since all of our other debt is in good standing BK is a silly option, and being in AZ leaglly they have no recourse against us, so we shouldn't pay them a dime. BUT this huge innaccurate debt is hanging over us on all our Credit reports. We want to get on with our lives. Will BoA settle? How should we do it? Would we be better to dispute the accuracy of it with the credit bureaus? We feel like we have to pay off this extortion money to get on with lives, who wants to wait another 5 years for it to drop off?


Since, AZ is a non-recourse state, you're not bound to pay off the second mortgage. However, since you've defaulted on the second mortgage, it will be reported on your credit report for 7 years. It is totally the discretion of the lender and the credit bureau to remove the negative item from the credit report. You can always negotiate with them to remove the listing from your credit report.

As far as settlement is concerned, you can contact the representatives at the BOA to know about the settlement procedure.

Since the bank has made a profit of over $23k, legally they should transfer this fund to the second lender or to you. Since they have not done that, you can take legal steps against them.


lrhall41

Submitted by on Tue, 10/19/2010 - 04:18

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