posted on Sep, 10 2009 @ 04:39 AM
Thank you everyone for a lively debate today. I really do appreciate all the replies, bits of advice, and the chance to debate the pros and cons of
doing something that I have always considered ethical.
I have made my decision of what I'm going to do, and I must say that this debate has helped. And, I'll tell you the conclusion I came to, and
ultimately, what swayed my decision:
I have decided I am going to walk away from my house, and walk away from Bank of America. I will give them the keys so they don't have to go through
the foreclosure process and kick me out. I will leave willingly without a fight, and I will still keep paying all my other bills on time, as I have
done all my life. But Bank of America, I am walking out on.
What was the tiny piece that made me make my decision?
Ultimately, it came down to my morals vs. Bank of America's morals. I have always lived a moral, decent life my entire life. I have always paid my
bills on time, and I have never walked out on any obligation, even during the worst years of my life.
But then, the government bailed out the investors when my bank failed, and awarded my mortgage to Bank of America, instead of letting my bank fail.
And I got stuck with them...who I swore, I would never use again for as long as I lived.
And so tonight, I was lying in bed, asking myself what I should do... I finally asked myself, how have I been treated by Bank of America all my
When they took over my home loan about a year ago, they kept sending me tons of letters to call their help line if ever needed help. But fora month,
everytime I called their help line, I got hung up on.
When I finally got a live person on the line yesterday, he told me that they aren't going to modify my loan principle, because if they did, it's
possible I could make a profit on my house someday.
When I was 24, they did something terrible to me once. From what I hear, it is their usual business practice: they bounced checks when I had plenty of
cash in my account, because one day they decided to record my checks before they recorded my paycheck. I had over $700 in my account, but they bounced
my checks and charged me over $200 in overdraft fees, not to mention the fees I had to pay the merchants. I took all my money out of B of A and swore
to them that I would never use them again. (And, by the way, those were the first and last checks I ever bounced in my life.)
So, I decided to walk away, based on the way they've treated me in the two years in my life I've been their customer....this past year, and my first
year out of college.
If my loan was still with Countrywide, I would probably still continue to pay on it, despite the fact that my house value has gone down so badly,
because Countrywide never did anything to me. But, my loan is not with Countrywide. It is now with Bank of America. I do not feel bad at all about
giving B of A the shaft, since they once shafted me so many years ago.
When I give them the keys to my house and walk away, I will probably also give them a letter that says something like this:
Dear Bank of America,
Remember: Do unto others, as you would have them do unto you. What comes around, goes around.
Paybacks are hell, aren't they?
One other factor also helped me come to a decision today. I found out that the government is changing the rules on how foreclosure will affect
people's credit. A foreclosure used to affect your credit for 7 years. This year, they passed a law that made it for only 5 years. And I just heard
today, from a real estate agent, that they are proably now going to lower it down to 3 years.
Plus, they extended the Mortgage Debt Relief act to apply to foreclosures that happen up through 2012, now.
I can only figure that, the government knows that they screwed a lot of people over and this is their way of saying: Yes, we screwed you. Go ahead,
walk away...we'll make it easier for you.
So I am.
[edit on 10-9-2009 by nikiano]
[edit on 10-9-2009 by nikiano]