Posted on: 24th Nov, 2009 07:14 am
Hello,
My Husband and I have been served with foreclosure papers from Bank of America, on our home, after 1 year of trying to negotiate a modification of our mortgage with them . They have already tried to take over possesion of our home when we were at work, by changing the locks. They said they thought the home was unoccupied, which they claim allows them to change the locks, even before the foreclosure is final. We asked them if they would do a Deed in Lieu and they said it was too late because the forclosure was started. Well, three weeks later, we recieve a letter from the law firm handling this, offering a deed in lieu plus $2500.00. My question is, why are they switching their position now and why are they offering us money? We live in the hardest hit housing market in the country, SW Florida, and our home appraises at roughly half, of what we currently owe, which is $165,000.00. thanks for any info you can provide.
My Husband and I have been served with foreclosure papers from Bank of America, on our home, after 1 year of trying to negotiate a modification of our mortgage with them . They have already tried to take over possesion of our home when we were at work, by changing the locks. They said they thought the home was unoccupied, which they claim allows them to change the locks, even before the foreclosure is final. We asked them if they would do a Deed in Lieu and they said it was too late because the forclosure was started. Well, three weeks later, we recieve a letter from the law firm handling this, offering a deed in lieu plus $2500.00. My question is, why are they switching their position now and why are they offering us money? We live in the hardest hit housing market in the country, SW Florida, and our home appraises at roughly half, of what we currently owe, which is $165,000.00. thanks for any info you can provide.
hi triplebfarm,
it is good that your lender is offering you a deed in lieu of foreclosure rather than foreclosing the property. though the credit effects would be the same, you won't be liable for paying off the deficient amount to the lender. in my opinion, check out the document properly before agreeing to the lender's request. if you find everything is correct with the document, i think it would be a good idea to accept the deed in lieu of foreclosure.
thanks
it is good that your lender is offering you a deed in lieu of foreclosure rather than foreclosing the property. though the credit effects would be the same, you won't be liable for paying off the deficient amount to the lender. in my opinion, check out the document properly before agreeing to the lender's request. if you find everything is correct with the document, i think it would be a good idea to accept the deed in lieu of foreclosure.
thanks