Bank of America statement to KING 5 News

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by KING 5 News

KING5.com

Posted on May 3, 2012 at 10:57 PM

Rick Simon of Bank of America Home Loans provided the following statement to KING 5 News regarding the problems experienced by the Vos's:

Bank of America is confident the 2010 foreclosure was properly conducted. The mortgage was in severe default at the time of the foreclosure. The bank had been unable to qualify Mr. and Mrs. Vos for a modification, based on the financial information available to the bank at the time, leaving no basis to postpone the sale date.

Based upon updated financial information provided after the foreclosure sale, Bank of America began the process of rescinding the foreclosure and reconsidering a modification. It is unclear why the process to rescind the foreclosure did not move forward and Bank of America apologizes to Mr. and Mrs. Vos for the unexplained lapse in completing that process in a timely fashion.

Mr. and Mrs. Vos have remained in the home since the foreclosure sale; and as long as a viable home retention solution may be available, Bank of America will continue to work to keep them there.

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