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triplebfarm2 · Joined: 24 Nov 2009 Posts: 3 2.01 Dollars($)

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.

jameshogg · Posted: Tue Nov 24, 2009 11:47 pm Post subject:

Hi triplebfarm,

Your query has been answered in the given page:
http://www.mortgagefit.com/propertytransfer/about31129.html

Please take a look at it. I hope it'll help you.

Thanks

triplebfarm2 · Joined: 24 Nov 2009 Posts: 3 2.01 Dollars($)

Thank you, I have read what DIL is all about. My concern is why after I was told it wasn't an option, because the foreclosure proceedings had begun, did Bank of America (their Lawyers) offer it to me with an offer of $2500.00, also. The home unfortunatley is worth around 80-89k, in this dismal market. I owe almost $165,000. Do they know something I don't?
Thanks

adonis · Posted: Thu Nov 26, 2009 12:02 am Post subject:

Hi triplebfarm,

I guess, the lender may have gone through your application once again and found that you qualify for a deed in lieu as per their rules and regulations. Thus, they offered you the option though they had initially refused it.

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Deed in Lieu of Foreclosure