Hello,
I have a question and need help. I have stopped payments on my mortgage with BOA as of June of this year. I have listed my house under a Short Sale and have a 'Short Sale Negotiator' assigned to me from BOA..gotten them all the docs necessary for the short sale...no offers as of yet..they know I am doing everything I can to sell it and I told them that, until May, I was an employed REALTOR with 15 years experience so I know how to get my house marketable. Needless to say I have no income because noone in my market is buying new homes.
I want to let go of the house because it is $30,000 underwater and my wife and I are separating. She has already moved out and we share $25,000 in cc debt which we are trying to negotiate with the creditors.. we are in bad financial shape.
I just received a letter from BOA stating that the mortgage is about to be foreclosed and that they expect ownership will be transferred to BOA Home Loans within the next 60 to 90 days (thought from reading these posts I had more time) and that shortly thereafter ownership will be transferred to HUD. The letter goes on to say that, unless I donot get special approval from HUD they will generally not take ownership of the property when it is occupied and if I want to continue living there temporarily that I would need to fill out a 'Request for Occupied Conveyance' and that I would have to pay whatever rent payments HUD comes up with me to pay.
Question: How much time would this give me to live in the home and what if I am not able to pay the rent? ( I want to stall the Foreclosure a little bit if I can. The letter also has another document called 'Request for Verification of Employment'. Why would they need this?
I would greatly appreciate any feedback. Thanks
I have a question and need help. I have stopped payments on my mortgage with BOA as of June of this year. I have listed my house under a Short Sale and have a 'Short Sale Negotiator' assigned to me from BOA..gotten them all the docs necessary for the short sale...no offers as of yet..they know I am doing everything I can to sell it and I told them that, until May, I was an employed REALTOR with 15 years experience so I know how to get my house marketable. Needless to say I have no income because noone in my market is buying new homes.
I want to let go of the house because it is $30,000 underwater and my wife and I are separating. She has already moved out and we share $25,000 in cc debt which we are trying to negotiate with the creditors.. we are in bad financial shape.
I just received a letter from BOA stating that the mortgage is about to be foreclosed and that they expect ownership will be transferred to BOA Home Loans within the next 60 to 90 days (thought from reading these posts I had more time) and that shortly thereafter ownership will be transferred to HUD. The letter goes on to say that, unless I donot get special approval from HUD they will generally not take ownership of the property when it is occupied and if I want to continue living there temporarily that I would need to fill out a 'Request for Occupied Conveyance' and that I would have to pay whatever rent payments HUD comes up with me to pay.
Question: How much time would this give me to live in the home and what if I am not able to pay the rent? ( I want to stall the Foreclosure a little bit if I can. The letter also has another document called 'Request for Verification of Employment'. Why would they need this?
I would greatly appreciate any feedback. Thanks
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