All Forum Posts by: Tammy Spearman

Umm, this is interesting. Thanks Guys. Aaron my husband and I would like to pick your brain concerning this, please PM me with your number.

But first let me explain this little further. If you read in my previous postings the owners of this house are long gone and are not corresponding with BofA at all. They have left a trail of non payments. So then are gone. It was an act of God that my husband was able to get with the people we are talking with at BofA and I must say they have been very gracious. In most cases like this I am told that the bank will not speak with them because they are not on the note. But these folks have. What he said to us is that yes, it would be our best bet to purchase the house from them or at Foreclosure. It will not be a “short sale†because the persons on the note are not involved (this is what BofA said). However, they are saying that they value the house at $235,000.00 and this is what the tax assessor website values the house. So our offer must be somewhere around that figure. When we spoke to our contact with BofA he said we needed to show proof that the house is valued at $179,000.00 so that they could show Fannie Mae. Our contact with BofA said they are in no rush to foreclose on the house until Fannie Mae says go ahead and foreclose.

In response to your question Aaron, we have spent too much in my opinion not to be able to keep this house, but that is a lesson learned. My husband did this without my knowledge and research in the matter. Anyway he bought the note (subject to) for $5000 (subdivision dues), we have put about another $2000 in it for minor repairs, rekeying and current HOA dues. There is another $4000 in back neighborhood dues that is due (this is what we are trying to get away before paying).
I would like to stay in the house but we do not have that kind of cash. If there is a way we can work it I’d like to stay, I mean with all we put in it why not? However, at this point my husband would love just to get back what he has put into it and to get away for the pending $4000 due to the neighborhood HOA.

So any advise and help will be helpful and we would so grateful; So Aaron PM me your phone number.

Thanks so much Guys! This site has been a wealth of information and the contacts are awesome!!!

Just a thought, what BofA said to us is our offer had to be based on the $235,000. This wouldn't be a short sell. So, could we put this house on the market for say $260,000? Then sell would go quickly. Then if it sells (or when) would it be possible to keep the overage??

Yes, I can provide you with a update. We were able to speak with and continure to communicate someone very high up with BofA. They have been very gracious with us, but they value the house just to high for us. Our comps say the house is valued at around $179,000.00, BofA values it at $235,000.00. BofA is not in a hurry to do anything and told us they will not untill Fanny Mae says so.

We have to move soon we've paid back assesments and part of of the current. So this is why we are looking and hope to get something before we depleat all of our funds.

Thanks for asking.

Aaron,
You ask me to send you the property information Sat. Did you send me a return email?

Steve is correct and thanks for the link :-).

Tiffiany, What do you mean BofA could be in trouble if the previous homeowners were in a loan mod? I dont understand.

Thanks Mike. That is what I was thinking. No, we are not willing to pay over the market for it.

This is what we are hoping to do. What is "significantly less". The house is in need of some work the previous homeowner's didn't keep it up very well. But we are willing to work with it. Any suggestions on what to offer based on the amounts listed above?

We do have cash. What do you mean by "significantly less"?

In FL title is given to the winning bidder. We have title to the property “subject to†the first lien. Yes if my husband would have known that, he would not have bid. However, the BofA foreclosure is on hold because they were working with the homeowner to obtain a modification. The HOA was not required to list the 1st lien holder and according to FL Statute and Fannie Mae guidelines the “due on sale/transfer†doesn’t apply.
Our goal was to keep the house for ourselves if at all possible. Does anyone have any ides/contacts with BofA? I see that BofA has bought back many “bad†notes sold to Fannie Mae. I wonder if this could be one of those. Just grabbing at straws guys.

We have spoken with an attorney concerning this, his advice is to contact the previous homeowner and try to get his cooperation to do a short sale/obtain power of attorney and/or contact Fannie Mae/BofA and try to negotiate, or the last option is to bid at the BofA foreclosure sale.
The numbers are as follows: Market value about $200,000.00/215,000.00, the loan amount is $385,000.00