Hello, I have been reading through previous posts since yesterday to see if there was an answer out there before posting this but I haven't found one. Here is my situation:
I purchased a house through an HOA foreclosure sale in California. I paid 15K. I knew at the time that there was a lien by Bank of America for the mortgage owed by the previous owners. I bought the house for my daughter and I want to keep the property. The amount due on the mortgage is 560K which i am willing to pay off. However, Bank of America is assessing an additional 150K in penalties, interest and fees which I do not want to pay. I have tried to contact BofA to negotiate but they will not talk to me. They refuse to deal with me at all because I am not the borrower. I do not want to simply wait until they foreclose. I want to own the property free and clear but I don't know what to do since they will not talk to me. What can I do?
Someone suggested a short sale to me but I don't see how that would work. I own the property now subject to the BofA lien, so who exactly would short sell the property to me and most importantly, how would I even be able to do it if BofA won't talk to me?
I have contacted attorneys and they tell me that I should try to deal with the previous owners. The previous owners are willing to help if I pay them. Lol...no surprise. What I want to know is whether they can really help me at all. I don't want to pay them if they can't help. What exactly could they do for me?
Can someone please help? This is all so frustrating. I just want to be able to give the house to my daughter.