Bank of America Wording May Cause Strife for Homeowners Across the Nation
Moore put the Edmonds condo on the market for about $30,000, which was less than what Moore owed on the mortgage. Moore made the error of thinking that this “short sale” agreement signed with the bank meant the bank would receive the worst blow from the loss.
Then she learned that her lender, Bank of America, might chase after her because of the difference between what she still owed on the mortgage and the price she put on the Edmonds condo. There is the possibility that Moore may have to let the bank reclaim her property, or she might have to file for bankruptcy due to the fact that she can’t afford to pay up.
Experts disclose that the wording, which was recently annexed to Bank of America’s short-sale agreement, may have serious consequences for a great number of troubled homeowners in Washington and across the nation.