Re: Deed in lieu Q's plus some
01-16-2013 07:49 PM
I agree that this should probably be in the Mortgage section however....
There are a couple of things you should consider.
I do believe (speculation based on what you stated) that BoA does have paperwork issues with the said property and most likely can not provide the documentation they need to in order to foreclose on the property. If they did have the necessary paperwork, chances are they would have completed the process.
Second, from what I know, a deed in lieu can be backdated, however, this would leave you open to serious ramifications including restarting the loan as "active" and approximately 2.5 years of lates, fees and other baddies. By the way, you stated that they told you that you were approved for the "Making Home Affordable" modification, did you sign any papers or applications for this? If you did, this would essentially "renew" your loan terms and amounts.
Lastly, I would seriously consult a bankrupcy lawyer as I am not a lawyer.
All in all, the bank is most likely waiting the sale of the property until they can recoup some money on the sale. Depending on the amount of your homestead exemption (not sure if you included this).
Gardening until scores hit 700.