We have been dealing with XXXX Bank and Bank of America for more than 4 years trying to work out a loss mitigation settlement on our home. This story is hard to tell without giving some details. We stopped paying our mortgage in XXXX 2011, after seeking the advice of several professionals ( real estate agents, attorneys, and financial advisors ). Our property had lost half of its value, and we were literally throwing money away. We had tried to refinance with our lender for 2 years before we stopped paying. 
After losing my job, we put our house on the market hoping for a short sale. Over 4 years, we had XXXX short sale offers XXXX XXXX, a cash offer for the fair market value of the property ). Every time we had a sale, we would submit the paper work to get approval for the short sale. Every time it was rejected. Recently, we have been trying to get a deed-in-lieu of foreclosure, since short sales are no longer happening in our area. Buyers are not willing to put up with the red tape involved with a short sale. 
We feel that we are dealing with a conflict of interest -- -- - Bank of America who owns the mortgage and XXXX Bank servicing the mortgage, and another arm of XXXX servicing our HELOC. We have to work with XXXX Bank regarding all the paperwork, but they tell us that Bank of America 's investors will not give us a deed-in-lieu, but with no explanations as to why. Bank of America was ordered by the courts to resolve these situations with the government settlement they received. 
We had never missed a mortgage payment and had excellent credit, until the housing crash forced us to make some difficult decisions.We did nothing to cause this situation. Our home was supposed to be an investment to supplement our retirement. Now we start retirement with a damaged credit rating and a house we can no longer afford. 
This system is entirely broken. We have spent countless hours filling out paperwork, working with professionals, and doing research. We have come to the conclusion that it is in the best interest of the banks to deny anything which benefits their customers or the XXXX economy. Our tax money bailed them out, but they are not helping those who were hurt by their reckless behavior. 
Any assistance or advice you might provide would be greatly appreciated. We feel strongly that hearing our story might spur future legislation curtailing the power of the Banking Institutions in this country. 
