Bank of America

[Ronnie Sparrow]

Need some advice from you guys who have been there and done that. There is a property that has been vacant for the last 6 months. I was able to track the owner down and yesterday met with them for about 45 minutes. To make a long story short let me just summarize below:

1. The have a Lis Pendens issued in January this year from the HOA. Found they owe $3,000 in back HOA payments.

2. The mortgage has changed hands several times in 15 years. Currently Bank of America has the mortgage.

3. BOA says they owe $61,000 to bring the loan current.

4. BOA says they owe $171,000 which sounds crazy. Original loan was $71,000 back in 1993.

5. Looking back in 2008 this property was going to auction but is was stopped twice.

My question is should I try to pursue this property and talk to BOA directly?

Should I hire an attorney to help me?

Or should I run away as fast as possible.