How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ely Your Own Question
Ely
Ely, Counselor at Law
Category: Real Estate Law
Satisfied Customers: 102143
Experience:  Qualified attorney in private practice including business, family, criminal, and real estate issues.
7286322
Type Your Real Estate Law Question Here...
Ely is online now
A new question is answered every 9 seconds

Some years back we took out a mortgage on our second home which

Customer Question

Some years back we took out a mortgage on our second home which at the time was valued at more than twice the amount of the mortgate. Our original mortgage was with Country Wide Mortgages that was bought by Bank of America during the real estate downturn. After several years, around three years ago we had financial troubles and were unable to make our mortgage payments. BoA put a lien on the property and said we would have to work with them to sell it which we would like to do. Our goal is to recover whatever difference there is in the value of the property and what we owe on the mortgage. We believe that this is between $75,000 and $100,000 in today's market. We also want to get the lien released since it is killing our otherwise OK credit.
But Bank of America has stonewalled us for well over a year now on this process, claiming they would send an appraiser to value the property and work with us, but they have done nothing. Moreover, whenever we call them we get a different call center with a different person taking our call. It is almost though they want us to not sell it so they can take the property for themselves.
Can you provide help with this? We have not objection to hiring an attorney if this will facillate getting them to deal with this!
Robert Bass
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Ely replied 2 years ago.
Hello and welcome to JustAnswer. Please note: (A) This is general information and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms; and (B) the site allows experts not participate in phone calls and I may or may not be able to participate in this feature.
I am sorry to hear about this situation. Just to clarify - did you pay off the past due balance of the mortgage and are now current?
This is not an answer, but an Information Request. I need this information to answer your question. Please reply, so I can answer your question. Thank you in advance.
Customer: replied 2 years ago.
No we have not paid anything for over two years.
Expert:  Ely replied 2 years ago.
Thank you.
On this website, I do not always get to give good news, and this is one of these times. I understand that hearing things less than optimal is not easy, and I empathize. Thanks in advance for not "shooting the messenger."
If the borrower defaults on a loan, then the lender has the right to place a lien on the property. And they do not have to release it, even if it is costing the borrower difference in what is owed when taking into consideration the growth of the worth of the property.
Without filing for bankruptcy possibly, there is no other way to force them to release the lien, I am afraid.
Please note: If I tell you simply what you wish to hear, this would be unfair to you. I want to be honest with you and sometimes this means providing information that is not optimal. Negative ratings are reserved for experts who are rude or for erroneous information. Please rate me on the quality of my information; do not punish me for my honesty.
I hope this helps and clarifies. Gentle Reminder: Use the SEND or REPLY button to keep chatting, or please rate when finished. You may always ask follow ups at no charge after rating. Kindly rate my answer as one of the top three faces/stars and then SUBMIT, as this is how I get credit for my time with you. Rating my answer the bottom two faces/stars or failing to submit the rating does not give me credit and reflects poorly on me, even if my answer is correct. I work very hard to formulate an informative and honest answer for you; please reciprocate my good faith.

Related Real Estate Law Questions