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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.
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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.
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