IFs

Tomorrow we are signing a lease and getting the keys to our new rental home. I actually feel relieved and glad to be moving on, but I also know this isn't the end of the foreclosure chapter. I hear it may take over a year to close this book and start anew rebuilding our credit. I'm ready to get this behind us. (And I have 2 months to move stress free...so we got that going for us:)

I've talked to tons of people, friends, acquaintances, Realtors, mortgage brokers, relatives, neighbors...and nobody has anything good to say about BofA. I haven't found one instance where BofA has helped anyone refinance or modify their loan. What I have heard is that BofA only cares about helping the home owners of half million dollar plus loans. Folks with loans under 300K aren't worth their time and the loss isn't as big to them.

I have also heard that the lender takes an average loss of $60,000 per foreclosure. And lenders who hold the second mortgage takes an even bigger loss. It just doesn't make sense that they won't help someone willing to do anything to keep their home.

The other thing that baffles me is they sent back the check we sent to them and said they couldn't accept a partial payment. If I owed you $2000 and I sent you $200, you wouldn't give it back and say thanks but I need all or nothing! NO, you would take it and say I still owe you $2000 and you're keeping the $200 as interest! Clearly, they are idiots!

As I said, we will get the keys and sign the lease tomorrow. I'm 99.99% positive that they are never going to modify our loan. I am also 99.99% positive that if they do offer a modification, we won't take it anyway. Here's why:

We have lost almost everything - our savings, our retirement, our good credit and our pride. We are in our mid-40s and still have time to rebuild and save for our future. But we need to start now! If we keep our home, under any circumstance I can think of, we are tied to this home and the debt it brings long term. IF the economy picks up, we'll be fine and I'll start making money selling real estate again. IF the economy picks up, I can feel secure in the longevity of the jobs I have now. IF the economy picks up, Brian can feel secure in the job he has as well. BUT, IF the economy doesn't pick up...we will NEVER be able to get ahead and rebuild our finances. We will be tied to this house and in 5 years when the so called modification period ends, we will be right back at square one and have nothing to show for the struggle we went through to save this house...this box with windows and a roof. So, I have to say this house isn't worth the IFs! I hope you agree.