BOA Law Firm Restricted letter

[Mensa1]

How the 3rd party investor thing would work is they would offer you say 2500 to deed them the property. This would be contingent or predicated on the buyer getting BofA to do a short sale, therein creating some equity in the property for the investor. This concept may work better when a 2nd mtg/HELOC is involved, as they may discount further. But that is the basis, the investor would only do so if equity can be created, even if there is none at this point.

Best to keep an open mind and consider all options. It is possible that a 3rd party investor could make a presentation that could make some sense.... and $$$$$$$$$$$$$

[broken64]

Well I do like $$$$$$$$$$$$$$$$, lol. Thanks it is good to know all the different angles this may go. I appreciate all the wisdom from everyone.

[Tom_Mi]

Just to be clear....

Those ca$$h-for-keys offers will require you to move immediately. They're paying you to give up your 6-month redemption right.

If you want to stay until summer you'll want to ignore those offers until you're ready to move.

[broken64]

Ok thanks Tom...move immediately would mean within 30 days I am assuming.

[broken64]

What is deed in leiu? They want to know if we want to do this?

[Mensa1]

Deed in lieu of foreclosure.

This will forego the legal action against you.
Let themn know you would consider the DIL if they $$$ in your pocket.

[broken64]

Ok, they are sending me information on what it is. How much do people usually get for something like that? Is there a standard rate or just whatever they want to offer?

[Mensa1]

I would hold out for 30K in small (unmarked) bills...

OK, back to reality now.

Anywhere from 1K to 4K, with most in the 2500 to 3500 range.
Of course some lenders offer nothing, so it varies all over the lot.

I should add that this fee would include you tendering possession and the place left clean (broom swept), meaning empty of trash/debris; aka Cash For Keys.

I am probably confusing the issue here since DIL and cash for keys are two seperate events... and each lender will want to handle these differently.

[broken64]

Mensa u crack me up!!! Yah 30k would be wonderful. I am willing to go for the 3500 if they will negotiate that, if not we will ride our time and save as much as we can to rent. The only thing really that has really got me wondering is the insurance on the house. They paid for it out of escrow but of course in our name. If we move in the summer sometime the coverage goes until next March, so that has me a little freaked out as I have been reading up on BOA and they like to drag their buns on the finalization of everything.

[BCA2009]

Mensa u crack me up!!! Yah 30k would be wonderful. I am willing to go for the 3500 if they will negotiate that, if not we will ride our time and save as much as we can to rent. The only thing really that has really got me wondering is the insurance on the house. They paid for it out of escrow but of course in our name. If we move in the summer sometime the coverage goes until next March, so that has me a little freaked out as I have been reading up on BOA and they like to drag their buns on the finalization of everything.

If you move out before the insurance policy ends, call the insurance company and cancel the policy and you should get a partial refund. Some people on this board suggest that you keep the property insured until it is out of your name for liability reasons, in case someone gets injured on your property before foreclosure. I personally have never known anyone to be sued for an accident in their home. I would be willing to take that risk. But you would have to make that decision.