I hate Bank of America (I'm a former "customer") and although most of the people whining and crying about how they "didn't understand what they were getting into" when the housing market was going nuts irk me, I can honestly say I *LOVE* reading stories of people who've been able to fight foreclosure on grounds the mortgagor cannot provide clear, proper documentation. There's a woman in Florida who has not made a mortgage payment since the mid-1980s, burned through who-knows-how-many lawyers, and is so adept at the process has been representing herself and filing her own paperwork for the last decade.

 

The banksters on Wall Street have been screwing customers for many years, and like any house of cards, it eventually tumbles. The worst thing is the consumer gets stuck in the pile, and the banksters get by with it.

The DOJ recently sued and collected an amount (can't rememebr how much) but the mone goes to the states, who will, instead of compensating those who got stuck, will keep the money and give more tax breaks to the greedy.

Zman, glad things are looking up for a change. Hope it goes well.

VW, glad you did not get the house and THEN find out the title was flawed with you holding the bag! Maybe refi with the capacity to pay off early will benefit you. But before you sell, if that's the route you take, check on tax implications!

 

Tax implications?

 

I'm another B of A hater. They had my mortgage on the house I lived in from '00 til '05 when I got divorced. After the first year we were in it, I got a threatening letter that my house taxes were delinquent. Now my taxes were in escrow, mind you, meaning they were a part of my monthly mortgage payment to B of A. I called them and of course after waiting on hold for like an hour through their automated phone maze, I finally got some chick who told me not to worry about it that it was taken care of.

Well of course I get a NASTYGRAM in the mail in like a month with all the threatening **** you get for not paying your taxes. Long story short - B of A f*cked up and held my tax money and I had to cash in a CD to pay them myself - and then got to wait 12 motherfu*king weeks for B of A to cut me a check to reimburse me!!! Try making B of A wait 12 weeks for a mortgage payment!

I fired their a$$es and took a mortgage out with another bank and refuse to use them. I had a credit card from a small bank that they took over - as soon as they sent me a B of A credit card to replace mine and I found out I was giving them business - I paid off the balance and cancelled the card.

I can't stand those f(ckers!!!!

 

Capital gains tax on sale of home. You have a certain length of time to purchase replacement home at a cost to exceed cost of home sold or something. I nearly got caught selling 2 homes in 2002 and buying one. Good CPA or taz attorney can help figure this out.

 

I would be wayyyyyy under the Crapital Gains. I'm not a high roller like you (yet).