(Editor's note: The bolded text below is in the original statement from Bank of America.)
First, we would reiterate key points from our contact in May 2012.
* Bank of America is confident the 2010 foreclosure was conducted properly, and completed only after home retention solutions had been exhausted. The bank had been unable to qualify Mr. and Mrs. Vos for a modification, based on their financial information available at the time, leaving no basis under the investor s guidelines to postpone the sale date.
* Although we fully believe the foreclosure is valid, we committed to contacting the Vos's representative to gather updated financial information, and if it appeared that we would be able to provide a modified mortgage, we agreed to resume the process of rescinding the foreclosure through the court process required in Washington.
What has happened since then?
* As we promised, we worked with the Vos s authorized representative to gather updated financial information. In early August 2012, we sent an offer of a proprietary trial modification with a very low interest rate and a decreased, affordable monthly payment. (For comparison, it was considerably below the 31% debt-to-income affordability target set by the government in the original HAMP guidelines.). We also began the rescission process through the state court.
* Mr. and Mrs. Vos contested the timing of the rescission and did not make payments to accept the trial modification. As a result, their file was closed last summer. Eventually, the court denied the rescission request. This spring, with the home retention offer declined and the foreclosure still standing, there was little choice under the investor s guidelines but to initiate an eviction process.
* Bank of America gave extraordinary consideration to the Vos s request for rescission of a valid foreclosure and consideration of a home retention solution, and made an offer of a very affordable modification. Mr. and Mrs. Vos declined the offer and continued to contest the foreclosure. This was not the desired outcome we worked so diligently to achieve.
* Coincidentally, through implementation of a normal business routine in the past week, there has been a change in the status of the loan that may allow us to consider a broader range of options to assist the Voses, dependent upon the family s current financial situation and ability to qualify for particular solutions. We have placed eviction proceedings on hold to provide additional time to explore possibilities with the Voses and their representative, if they wish further consideration, with the sincere hope an agreement can still be reached.
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