Legal Question in Real Estate Law in Florida

2 1/2 years ago I received a letter from Countrywide--Good News-Your new monthly morgage amount is 1086 dollars. Good for five years. Every month I mail 1086 with a copy of that letter. Bank of America took over and is calling them "partial payments" and threatening to foreclose if I don't pay up and start paying the larger amount. I'm very upside down and can't see paying so much for a place that's lost half of it's value. Renters there pay half what Bank of America wants. I applied for a mortgage modification and found out yesterday I was denied because they say I can afford to pay the larger amount. Is it legal for them not to honor what was agreed to with Countrywide? Bank of America has ruined my credit now and I can't buy anything. I want to stay there if I can keep it affordable. I like it and it's close to work. I can't stand the thought of having to rent. What should I do?


Asked on 7/27/11, 10:34 am

2 Answers from Attorneys
David Slater David P. Slater, Esq.

I would argue that, at least for 2 1/2 more years, you need only pay $1,086.00 per the agreement with Countrywide. Good luck.

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Answered on 7/27/11, 2:04 pm
William W. Fernandez, Sr., J.D. Law Ofc. Wm. W. Fernandez, Sr., J.D., Atty. at Law

Will probably take a lawsuit to "Argue" for the lower pymt. & they will add the difference to the balance owed. U will still be underwater. In 2.5 yrs. U will B up a creek w/o a paddle and further underwater. "Strategic Default" comes to mind. If they have already hit UR credit, then walking away may be the best financial decision. U need a good Mtg. Law defense atty. on stand-by and U may want to consider Bkruptcy alternatives.

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Answered on 7/27/11, 2:35 pm


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