Bank of America just (yesterday) foreclosed on me.

[jorno67]

Am I still a person? Or am I forever a credit risk who probably got what he deserved?

[RUMMYisFROSTED]

1. Yes and No.

Sorry.

[dana_b]

2. of course you are a person

but unfortunately our corporate system does not see you or me or most of us as "persons". They leave that definition to the actual corporations.

I am sorry for your loss. :(

[Lance_Boyle]

3. Obviously you are still a person, even if you missed payments.

But in that case you would be a person breaking a mortgage contract, which can sometimes result in foreclosure.

[xchrom]

4. wow -- that's bitter. sorry that happened to you. nt

[Drale]

5. You where never a person in the eyes of Bank of America but

in my eyes and I'm sure in the eyes of everyone here you have been and always will be a human being.

[physioex]

6. Yes you are still a person......

I am not a credit expert but you can recover.

[dixiegrrrrl]

7. Legally? Illegally?

Credit can be repaired.
Don't let the BOA determine what kind of person you are. Only you know what the true story is about what happened.

[Newest Reality]

8. You are the "real" person.

However, the artificial person and its vast machine can make you unexist, don't ya' know.

Sorry to hear about you losing your home. That's not a good experience.

[Warpy]

9. I'm so sorry

Do you have any hope of getting the loan modified?

Bankruptcy lasts only 7 years. I'm not sure how long a foreclosure would haunt you, especially given the state of the economy right now. I have a feeling that if the bankers want loan customers after the Republicans are chased out of office completely, they're going to have to accept people who got caught in this mess and have foreclosure on their records.

However, for now you're a renter. That's actually better for anyone who might have to relocate at some point in the next 10 years, following employment prospects.

[jorno67]

12. well

I was trying to do a short sale and I had two cash offers in. The first buyer backed out and the second buyer was all set to go with a sale date of 4/14. But I guess the buyer didn't fill out their paper work correctly so BOA rejected it and foreclosed. The state where it happened (in which I no longer live) doesn't have a redemption period. So that is that.

[guruoo]

18. Same thing happened to me.

We moved to another city, and the house we had back there wouldn't sell.

Only regret I have is that I didn't walk away sooner, instead of continuing to
write checks to the very crooks behind the economic scam that kept the old home
from selling long enough for them to take it for themselves.

[arrestblankfein]

19. Fight Fight Fight!!!

Do not assume that anything B of A has done is legal.

Most likely they have done something illegal. I bet they pulled the second short sell purposely. They are doing anything and everything to screw people out of their homes.

Look for a technicality. Many Americans are winning their cases against the banks for fradulent foreclosures.

Don't blame yourself, blame them, and fight back!

[taught_me_patience]

10. You're still a person but your credit will be screwed for the next several years

If you didn't pay your mortgage, then, unfortunately, you did get what you deserved.

[lunatica]

11. I'm sorry this is happening to you

I've been fighting foreclosure since last year. I applied for a loan modification and I have just finished paying three trial payments which were a little lower than my mortgage was. Now I'm in limbo waiting again to see what they decide.

It's not a fun experience.

[guruoo]

13. You have no reason to feel guilty as long as you signed on in good faith

[mahina]

14. Sorry man.

One foot in front of the other. Many others are going through this; you are not alone.

Aloha.

[Jumping John]

15. Demand to see the

mortgage note ----

And look here:

http://action.seiu.org/page/speakout/wheresthenote


Demand to see your mortgage note.
To get started, Click the "Participate" button.

Update: Homeowners are sending us reports of banks responding with threats and intimidation. It is your legal right to demand to see your original, signed mortgage note. It is illegal for banks to negatively report to your credit file during the 60 day period after requesting your note simply because you made a request to see it. If you received a response that you feel is threatening or intimidating in nature, contact your state’s Attorney General and push them to hold the banks accountable under the law: http://action.seiu.org/page/s/intimidation

The Wall Street banks’ foreclosure system is a mess. Their total disregard for mortgage laws and standards is what created the foreclosure epidemic in the first place. Now, their total mismanagement is catching up to them. As of today, some of the largest mortgage lenders – JPMorgan Chase, Bank of America, and GMAC (now called Ally) – have been forced to halt foreclosures in 23 states and growing. We can’t rely on Wall Street banks to follow basic rules. We have to hold them accountable. At very least, they must provide the mortgage notes.

When Wall Street banks securitized, packaged, sold, and resold our mortgages, they created a system where it is often impossible to figure out who actually owns mortgage notes and therefore has the authority to foreclose on properties. But the big banks are getting tangled up in their own web. Recent events have exposed a handful of banks that are throwing families out of their homes even though they don’t have the mortgage note that proves they actually have a legal right to do so. There have been instances of two banks trying to foreclose on the same home, and in at least one case, of a bank trying to foreclose on a house where the homeowner had never even taken out a mortgage with anyone in the first place.

Whether you are facing foreclosure, have an underwater mortgage, or are just a concerned homeowner, it’s important that you contact your bank and demand to see the original note on your mortgage. It only takes a few minutes using our free online tool.

[KatyMan]

16. We had a foreclosure in 1997ish,

and bought a house with no blips or issues in 2008. Not sure how long we had to wait, because we moved in and out of the country several times since 99, but it didn't show up on our credit at all. There's always hope! Look at it this way: your job prospects are now more portable, and even if you stay in the town you're in, you can spend the next few years renting in various parts of town to see where you like it best. Not too comforting, I'm sure, but you'll survive.

[jorno67]

20. That is good to hear

Because right now I feel like I will treated like a leper.

[SoCalDem]

22. You have LOTS of company these days.

The stigma of foreclosure in your own mind is often worse than it is in real-life. You probably know lots of people who have gone through the same thing, but you only know that "they moved".. Lots of times people do not tell anyone but their nearest & dearest.

[BOG PERSON]

17. you are a credit risk because you are a person

watch this movie. find it online somewhere. it will lift your spirits.

[SoCalDem]

21. This happened to my best friend, and what may happen is twofold

your credit will take a hit, but you may also start sleeping at night, instead of worrying all night..every night..


I hope you live near family & friends who can help you over this hurdle:hug:

[socialist_n_TN]

23. It takes 3 years to recover from the foreclosure..........

enough to buy another home. You can start to rebuild your credit immediately though.

Also, if you want to keep your house, check with a bankruptcy attorney. They've changed the laws since I did a Bk. back in '97, but at that time you COULD reaffirm your house and have it included in the Chapter 13 (the payback plan). The plan usually lasts 3, 5, or 7 years and the mortgager gets paid through the courts. It might give you a few years grace period.

[Chris_Texas]

24. Why feel guilty over something business do every day?

Yeah, I am sure it sucks. I hope I avoid it myself. But if you made the initial deal in good faith then there is no reason to feel bad about it going south.