False statements or representation

I purchase my home in XXXX through XXXX and financed by Bank of America. At the time of purchase my home was valued {$180000.00} and the home was purchased for {$150000.00} I was then offered a equity line of credit through Bank of America for {$35000.00} for Home Improvement. Shortly after Home Improvement the home was reappraised by the bank and was value of {$210000.00} 6 months after home improvements the bank send me a letter requesting that I pay back the equity line of {$35000.00} infull payment, because my home is no longer of value and it ‘s only worth {$75000.00} I immediately contacted the bank and started Communications trying to restructure my mortgage being in shock not knowing what was happening to the real estate market.

The bank in communication told me that they can not do anything to help me or restructure my mortgage payments because I have not missed a payment and they do n’t care what my home is worth they just want their money back. I was then informed by a Bank of America customer service representative that the only way they can help me is for me to miss at least three payments so I stopped paying my mortgage in XXXX and by XXXX second XXXX the bank started filing for foreclosure.

Shortly after that the Department of Justice ordered that the equity line of credit is to be charged off and I did not have to pay it back. Bank of America mediately report the & gt ; charged off as derogatory & lt ; to the credit bureau and sold the main mortgage to XXXX lending. Bank of America also reported a & gt ; foreclosure initiation & lt ; to the credit bureau.

I sold the above mentioned home in XXXX on a short sale and XXXX receive the {$35000.00} of what the home was valued after depreciation at the time and was sold for. XXXX then reported the sale of the home and final payment & gt ; in full pay less than {$150000.00} what is owed & lt ; on my credit, and a report of. & gt ; balance charged off & lt ; it was send to the IRS, reported as income. The IRS charged off as a loss of mortgage.

In less than one years after purchasing my home the depreciation started and had dropped in price from {$210000.00} to {$35000.00}.

My credit is now ruined with no fault of my own and the banks were bailed out by the government and the consumer is left holding bad debt. This is not right! Someone need to do something.

I am now unable to attain a normal interest rate and also unable to purchase another home because of these derogatory statements on the credit report showing either foreclosure, tax lien, legal action taken, or repossession. How could our government allow this to happen.

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