To whom It May Concern : I purchased my home in XX/XX/XXXX. The first lien was with Countrywide Home Loans and the second lien was with XXXX XXXX. This was a XXXX down loan and was structured this way by the banks. 

In XX/XX/XXXX I discovered both our first and second mortgage were interest only loans and that both payments would balloon in XX/XX/XXXX. Up to this point, Countrywide never informed me of the monthly payment amount that should be paid including principle, interest and taxes on these loans. By the time I was informed of the actual payment in XX/XX/XXXX, I could not afford the payment increase and due to many other hardships, I could not afford the home nor make any updates to the home. I began working with Bank of America in attempt to modify or refinance our mortgage. Bank of America refused to work with me. I reapplied for modification after modification every time I heard about a new program on the news. Bank of America declined all of my applications for all HARP, XXXX, DOJ and short refinance programs because our loan is not owned by XXXX or XXXX XXXX and I was told my investor/owner, XXXX XXXX XXXX XXXX XXXX XXXX as Trustee on behalf of XXXX, XXXX, XXXX XXXX XXXX XXXX does not participate in all of these programs. The only program I do qualify for is for the HAFA short sale program. Bank of America has repeatedly informed me that they would n't do anything until the payment ballooned. 

Since both loans ballooned this year, I finally listened to Bank of America and put the home that I love up for sale. I listed my home at {$230000.00} in XX/XX/XXXX and did not receive any offers. I later dropped the price to {$220000.00}. I finally received an offer of {$200000.00}. I countered trying to increase the price. The buyers accepted. After the inspection, the buyers said there was too much wrong with the property and they walked from the offer. I relisted the home again at {$220000.00}. I received a second offer. The second buyer again withdrew their offer after the inspection due to too many defects to the property. I finally have an offer of {$200000.00}. The buyer is willing to fix all problems with the property. 

Four months, XXXX showings, and XXXX offers later, I started the short sale process with Bank of America. Bank of America responded to the offer with a valuation of {$250000.00}. This is an extremely inflated appraisal. It is clear that Bank of America is not familiar with the market in the area that I live and Bank of America certainly does not understand the defects to the house that are deterring buyers. I received a letter this week stating that Bank of America is going to close my short sale file and proceed with the foreclosure process. I am asking first and foremost that Bank of America does not close my short sale file. I am also asking that Bank of America works with the professional Real Estate Agent that was hired to review all of her data and inspection reports, since she is an expert in the local market. If Bank of America reviewed all of her data and inspection reports they will clearly see that this is a fair offer on the property. I am finally qualified for help on my home through the HAFA short sale program and would hate to foreclose on my home because of Bank of America 's many mistakes.