Successful Deed in lieu of foreclosure – Bank of America
I just got the approval on my deed-in-lieu with BofA.
It states that they will release deficiency since it is primary residence if all terms and conditions are met (no liens, broom sweep condition when you move out, maintain yard, and maintenance). I really don’t know how they will verify it being primary residence since they did not view the house before approving the Deed in lieu of foreclosure.
They will also give me $4K for relocation, any repairs on the house that I didnt do will be deducted from the relocation assistance. They will send title transfer documents as well.
They do state that if the loan has a mortgage insurance, that the mortgage insurance reserve may reserve the right to collect remaining due. So check if your loan has one.
It only took 2 weeks to get an approval after I faxed everything. Yes, they asked for W-2 (if employed)/tax returns (self-employed) and bank statement. They did not request for a hardship letter but I sent a handwritten one and it worked.
The letter I received from them stated that they will release deficiency if the property is primary residence. They will pay off the 2nd mortgage about 8% of balance owed but I have to coordinate it with the 2nd. They also offer cash for keys. You may have not seen that since you didn’t sign the initial letter.
I called and told them that my house is BofA market as a short sale, but never happened, even if your system updated. I also received a warning earlier this year. They offered instead wrote two months ago and I ignored the letter held back after I take last month because it seems more protection than the short sale. So yes, you can not talk until you are at the end of your payments for several months. I recommend that you make sure that every interaction with a customer representative at the SVC system marks before hanging up.
Successful Deed in lieu of foreclosure – Bank of America Relate post:
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Modifying Your FHA loans Success Recently
Benefits of Wells Fargo Deed in Lieu of Foreclosure
Bank of America Loan Modification Program
FHA HAMP Loan Modification Help
FHA Multifamily Programs
Paying Off Your Mortgage Early With a Line of Credit
Successful Deed in lieu of foreclosure with Countrywide
Benefits of Wells Fargo Deed in Lieu of Foreclosure
Deed In Lieu Requirements
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When accepting a DIL offer, REALIZE that there has to be a release of the mortgage and the DEBT (the note you signed). Make sure you get written confirmation that it is for full release of the note and mortgage. If you already signed a DIL I urge you to review the public land records. Make sure a Satisfaction of Mortgage was filed after you signed the DIL. Most importantly, make sure that the Satisfaction of Mortgage filed in the public records includes a cancellation of the NOTE and the mortgage. From what I have observed, virtually ALL Satisfaction of Mortgages (where recorded) FAILED to cancel and release the NOTE…. This has HUGE implications for you as a consumer…. now you don’t have the property and the mortgage is clear so of course the bank can resell it but NO ONE is canceling the note you signed…. if someone down the line, a “holder in due course” gets a hold of that original note… you owe the entire amount of that note to that person… why?…. the NOTE is in law the equivalent of a check, a paper that allows anyone who has it to get paid the amount on the face of it from the person that signed it!… and that’s you buddy.
read your state’s commercial code, contact your attorney general’s office, contact your state representatives if this has happened to you… I have recently filed a suit on behalf of a client on this very issue with this very bank.
if they do not cancel the note, it doesn’t matter if the bank says “we waive the deficiency”… its not them YOU have to worry about… its anyone else who comes aknocking on your door to collect on that debt!
thank you for this information. i have just filed a DIL w/BOA. i know that i have a solid DIL case, i am just worried that it is going to take a long time, and since i won’t know if i have a job in a month, i’m very anxious. Thanks again for the info, and for the tips about settling the mortgage.
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