home retention program

deejeff442

deejeff442

Active Member
i am renting a house now for about 2 years now while i just started building mine across the street. yesterday there was an envelope from fedex on the gate.addressed to the current homeowner. it is from bank of america home retention dept. of course i want to open it but it aint mine lol. i looked it up and i am not sure what it is still.are the current owners falling behind on payments? have they been taking my over priced rent payment and not making the house payment? or does bank of america just fedex this stuff to all of their debtors? i know this house is financed though BOA.
 
sweatervest13

sweatervest13

Active Member
I used to work for BoA at the Banking Center level, and I have my mortgage thru them as well. I can tell you that a big company like that will NOT spend any extra money sending mailings out to every one of their mortgage customers. Plus I have not received home retention notice as I am in good standing.

I would think that there would be some sort of recourse for you if they are in fact taking a full rent payment from you but then are in default on their mtg note. I would ask around or google it and see what others in your position have done.
But then again, you said the letter was addressed to the "current homeowner"?? That would lead me to believe that it is just a blanket mailer or junk mail. Most of the time I would imagine that they would address it to the mortgagor if it was loan specific. All I know is, I would be very upset if I was paying rent and the landlords were pocketing the money and not paying the debt on the house. That would be BS!!!
 
deejeff442

deejeff442

Active Member
this dont look like junk mail.it is pretty thick too. i know here in texas it dont matter if they take my money and dont pay the loan.i still have to pay. i went through the same thing with another house i was renting that was falling apart.we moved out and it wasnt 2 months the house was owned by the bank and locked up.i just paid the rent 4 days ago.i do know if i dont finish my house across the street in time the law says the bank cant just throw out a renter they have to give you a few months to move.i believe i would have to pay the same rent amount i am paying now to them. i plan on finishing the house in the next 3 months tops anyway.i would just hate to keep paying the landlord here if he aint using it toward the loan.
 
sweatervest13

sweatervest13

Active Member
Tough one. I would call up the landlord. Shoot maybe you could renegotiate your rent amount. Good luck on the new house!!
 
deejeff442

deejeff442

Active Member
either way i plan to be out in a couple months.i guess it dont really matter. i am having a real tough time figuring out what to do with my house.i have some plans i paid $1800 for... our dream house. but i plan to build it with cash i have saved and am making now.problem is its a big house 3000 sq ft with a gararge. i drew up a smaller 1700 sq ft house without a gararge i planned on turning into a nice big work shop(hot rod ) lol.i know i have enough cash for the small house but not so sure on the big one. i dont want to start the big one and run out of cash and get tossed out of here.i still need a septic and water well there.i have no luck so i will probably do the small one first ,live in it for a couple years while i build the big one.but i also seems like a waste to make it all nice inside to gut it into a shop down the road. what to do what to do? and i only have 2 more weeks to decide .i need to get a foundation poured .
 
deejeff442

deejeff442

Active Member
i figure if i dont hear from anyone in a week i will open the fricken thing ,read it then burn the evidence
 
2quills

2quills

Well-Known Member
Well as long as you have some land to go to you can always dig a hole and pop a tent on it lol. Couple of months for building a home can easily turn into quite a few months before it's finished. When it comes to building or renovating homes you should always figure on extra time for any unknowns that might pop up and delay things. Best of luck to you guys though. Least you can rest assured knowing you're doing what you're supposed to. Maybe it'll be a kind bank.
 
stdreb27

stdreb27

Active Member
Dude, they're not gonna send foreclosure paperwork or you're late paperwork to a generic person, it will be addressed to the borrower. Particularly If it doesn't request forwarding service...
It is junk don't worry about it.
 
snakeblitz33

snakeblitz33

Well-Known Member
I'd take meowzers suggestion and ease your mind.
Once yah have read it and figure out what it is, then call your landlord.... and tell em' you accidentally opened their mail.
 
deejeff442

deejeff442

Active Member
it really isnt bothering me that bad. in 2 weeks i start my house. it will go very fast everyone working on it are friends so there wont be any messing around like a builder does. i can build a house start to finish myself .i have been in the business for over 20 years. so even if is late payment stuff it really dont matter.
 
stdreb27

stdreb27

Active Member
The USPS is legally protected. FedEx isn't. So no lack helicopters are gonna show up and get you if you open it...
Who knows maybe she's refinancing the home?
I rescind my previous statement...
 
deejeff442

deejeff442

Active Member
by the way the owner was out here 6 weeks ago and put an eviction notice on the door. it said buy the house or move out by the end of may. lol yea i was to be out a week ago.i told his realtor to wipe his ass with it. i have been paying the rent but seems to me if they wanted me to buy or move out so bad it might have something to do with this letter. maybe if i dont buy it the house will go for a short sale? if the sheet hits the fan i have a few places i can move .good to have friends.but its nice to walk across the street 300 yards to my land so i am staying here .
 
deejeff442

deejeff442

Active Member
ok if the sheet hits the fan i am blaming all of you lol. i am home bored today its raining outside. i got sneaky and took a razor and sliced the side edge glue.it opened perfect.i can hot glue it back together if i need to. well it says dear... we have not recieved the last 2 loan payments bla bla bla.thats all i needed to see.so who knows whats going on .even if the house goes to foreclosure i have plenty of time to build my house. so i guess i will just let it ride for now.at least till the end of the month when the next rent payment is due. it would be nice to not pay $1400 a month for the next 2 or 3 months but .i figure i am living here and if they are letting the house go i will still pay.the owners moved to denver so they are not around .in 2 years they have been out here twice.
 
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