In the six and a half years since we were first told by Bank of America to skip our monthly mortgage payments in order to qualify for a mortgage modification, we …
- saved over $130,000 in mortgage payments, interest, property taxes, and homeowner’s insurance.
- discharged over $200,000 in debt, late fees, and penalties.
- converted an upside-down home that we owned, into a home that we rent.
- paid about $6,000 in debt reduction.
- paid about $10,000 in legal fees.
In other words, we came out ahead by over $300,000, and never even had to move. Best of all, we still have standing, and can bring a RICO action against Bank of America (which provides for treble damages) through August, 2018.
