Thursday, October 27, 2011

Tucson homeowner keeps house, gets cash back from bank

The details:

Bank of America refund

A Tucson man who paid $10,000 to keep from losing his house to foreclosure has gotten that money back.

David Torkko, who lives on the east side, thought he was working toward a loan modification with Bank of America when he learned his home had been scheduled for auction.

Through the process, which stretched on for more than a year, Torkko said BofA representatives never told him he could lose his house as he worked toward a new payment plan.

Then, in March of this year, Torkko received a foreclosure notice, and he later learned he'd have to pay more than $10,000 to stop the sale. So he did.

After learning his house had been scheduled for auction, Torkko got a letter from BofA that said he'd been approved for a modification effective July 1, 2010.

That means Torkko shouldn't have had to pay the $10,000 to stop the sale because his house never should have been scheduled for auction.

Torkko still had to wrangle with the bank to get his money back and determine what his monthly payments would be. He filed a complaint with the Arizona Attorney General's Office.

Torkko said he's satisfied with the resolution, but the entire process caused him undue stress.

"I think I aged five years," he said.

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