I am in a home that I did a remodification on three years ago. At that time we were happy to save our home and when we got the paperwork we just signed it. I have recently found out that HUD put a $74000 lien on my property from the loan remodification. Bank of America said that they forgave the balance that I owed, but HUD took that balance and added all of their fees to it making it that number. The result is i am paying for a home that will never be mine. I owe about $275000 and the home is not worth that much. I intend to walk away from my home because I am now disabled and dont want to pay the high mortgage. I tried to talk to the bank, to HUD, and to a HUD representative. no one will help us. The HUD representative told me to quit making my payment and it will take two years for the bank to kick me out.
During all of this discovery i found out that the home that I am intending to walk from is not on my credit report. Can the bank put a negative mark on my credit if it doesnt show up on my credit? I am planning on purchasing another home and quit making my house payment before it can mark my credit, but if this wont happen then i have time to think about what I am going to do.
Thanks for any help,
Gary
