Sorry for taking so long to respond. I'm posting the letter now. I've editted out my personal information, but everything else is there.
ok...maybe I'm retarded. I can't figure out how to do the attachment, and I WORK with pc's for a living! I hit the attachment icon, and it's just a screen that shows a legend. Hmmm....I'm going to just hand type the letter below.
I'm not sure if I can post my email address, if anyone knows, let me know. I'd have no problem emailing the letter to people to see. I know it's NEXT TO IMPOSSIBLE to find this online dealing with BofA.
This letter confirms Bank of America's agreement to settle the above-referenced loan on the following terms: Bank of America agrees to accept $147,200.08, including a cash contribution of $5,000.00 from Shakir, in certified funds as payment in full of the Loan. Upon the Bank's receipt of the payment of $147,200.08, the Bank will report the account to the credit bureaus as "Settled," with the explanation "Account legally paid in full for less than the full balance," and remove the 30, 60, and 90 day late from Shakir credit report. Bank of America will waive balance due on the above referenced loan and release Shakir from all further obligation therein, and waive all right to pursue further judgement or deficiency, once the Bank is in Receipt of the payment of $147,200.08. Please note that any subsequent refund received by the Bank will be applied to the outstanding balance of the loan. In addition, the Bank will be reporting the amount of the debt forgiven to the Internal Revenue Service as required by the Revenue Reconciliation Act of 1993. You may want to discuss the tax ramification of this reporting with your accountant. Please confirm your acceptance of the terms stated in this letter by signing and dating the enclosed copy of this letter on the line below and returning the signed copy with your payment to the address stated above. If the Bank does not receive this signed agreement and the payment specified in this letter by 12/30/2008, this offer becomes null and void.
And there you have it. The full letter that I signed, sent back to them, and now am buying again! The thing I realized the other day was this, they Bank didn't DELETE the late payments, they blocked them. Which, actually is kinda hurting me as I look. Because when my credit is pulled now, they see my file for Bank of America mortgage as good good good, then blocked for a few months, then paid and closed. So, I'm starting a dispute now to get that unblocked, and updated to just say 'Paid on Time' for those months.
Also, one thing I learned with my loan also, which caused the most pain. I was in some special loan program with BofA, which gave me a special rate, and low down payment when I bought my house, and a loan they kept fully inhouse. SO, when I was doing my short sale, it actually HURT me. I was told be the manager in the Loss Mit. department, that had I NOT been in that program, my short sale would have been approved and completed months before we finally came to an agreement.
My total difference between the loan balance, and payoff was about
: $126,000.00. Houses in the area of Phoenix I lived in FELL like a ROCK! They have since fallen about another $30,000.00 since then.
- Shakir