DIL BOA advice or comments requested

[Billssuck]

Hi everyone!

Long story short: Ch13 BK discharged, house surrendered during Bk due to husband's loss of job, moved out already, received Notice to Accelerate with pay by date of 11/24. Low and behold we received paperwork from REDC Default solutions today (third party for BOA) telling us we don't qualify for a loan mod or short sale, but we could qualify for a DIL with up to $3,000 for relocating.

I'm very hesitant to even consider this option as I have to provide pay stubs and bank statements, the home needs repairs, and I don't want me applying for this to slow up the FC as it is now finally progressing (after 2 1/2 years...). Can some of you give me your opinion of this with the good, bad, or ugly about DIL? I really think BOA is just trying to cross off some steps they need done to legally proceed with FC (i.e. showing an attempt to satisfy the defaulted loan).

Any comment is appreciated...I have until Dec 15th to proceed if I choose to do so...

P.S. Did I say that I don't trust BOA?

[df04527]

I can't help you out but i trust BOA and many others about as far as I could throw them, so to speak.

[Billssuck]

Me too...talked with my husband and I think we're gonna pass on the DIL...not living there now so no cash for keys and we don't want to slow up FC!

[df04527]

The little I know, I thought DIL takes the place of FC, where your name would be removed as well. Maybe faster than FC? Just a thought.

[Billssuck]

The little I know, I thought DIL takes the place of FC, where your name would be removed as well. Maybe faster than FC? Just a thought.

You would assume that a DIL would be faster but I have read up on them that oftentimes they are not approved due to various reasons and then it only slows up the FC. And with BOA not knowing their head from their feet something would fall through. It's already been over 2 1/2 years.

[deedeecfl]

Hi everyone!

Long story short: Ch13 BK discharged, house surrendered during Bk due to husband's loss of job, moved out already, received Notice to Accelerate with pay by date of 11/24. Low and behold we received paperwork from REDC Default solutions today (third party for BOA) telling us we don't qualify for a loan mod or short sale, but we could qualify for a DIL with up to $3,000 for relocating.

I'm very hesitant to even consider this option as I have to provide pay stubs and bank statements, the home needs repairs, and I don't want me applying for this to slow up the FC as it is now finally progressing (after 2 1/2 years...). Can some of you give me your opinion of this with the good, bad, or ugly about DIL? I really think BOA is just trying to cross off some steps they need done to legally proceed with FC (i.e. showing an attempt to satisfy the defaulted loan).

Any comment is appreciated...I have until Dec 15th to proceed if I choose to do so...

P.S. Did I say that I don't trust BOA?

We have received 3 of these notices since our Chapter 7 was discharged in 2011. We did not reaffirm the 1st or 2nd -- both of which are with BoA. If you read the letter, it states that if your financial situation has not changed, you may be eligible for a DIL. You will need to submit a whole bunch of financial statements such as tax filings, paychecks, etc. to them and they will review that and get back to you. As for me, I want as little communication with BoA as possible. I have to keep calling them to tell them that the loans have been discharged but they keep asking for money. I've sent them copies of the discharge papers and the schedule showing them that they are included but they still keep sending them. They put a little notice on their statement that if you are discharged, then this is for informational purposes only but I don't need that info anymore. I have done some research where lawyers have stated that even if they put that "informational purposes" phrase on it, they are still violating the BK code if they ask for money. Who knows what is legit anymore? I just know that the majority of people I have spoken with at BoA either are rude as could be or just don't have a clue. We are also out of the house and they have already padlocked the gates and changed the key locks so just get it over with I say.

[jst4f]

We had rental properties and have done it all. BOA is no different from the other big banks. As you put it nicely they don't know their head from their feet and when they do, they can't seem to be able communicate. No one method has been noticeable faster than the other but in theory DIL is suppose to be faster. It is a shame you couldn't stay in the house rent free and save the money. Best of luck.

[freeatlast09]

And with BOA not knowing their head from their feet something would fall through.

That's a solid fact. We've been waiting close to 4 years now. Every few months we get a letter from BofA asking if we'd like to prevent foreclosure by doing a short sale, DIL etc... Every 6 months (or so) we get the same letter you received from REDC asking if we'd like to submit all of our post bankruptcy financials to try for a DIL. It's an endless circle of repeating letters and offers.

I think you made the best choice by not dealing with REDC.

Best of luck to you.

[Billssuck]

Thanks everyone...guess this could be just the first of many letters of this type...hmm...I was hoping it was a good sign that things were progressing with the FC. Who knows these days how much longer. Jst4f: we did stay in the house rent free for 2 years. However the house we're renting is right by my work and the savings in commuting and utility bills from drastically downsizing alone outweigh the cost of renting. As a side note, we're "renting" the house per se but actually as soon as we're able to, we're buying this house from a relative. Creative financing in a way...

[jst4f]

Thanks everyone...guess this could be just the first of many letters of this type...hmm...I was hoping it was a good sign that things were progressing with the FC. Who knows these days how much longer. Jst4f: we did stay in the house rent free for 2 years. However the house we're renting is right by my work and the savings in commuting and utility bills from drastically downsizing alone outweigh the cost of renting. As a side note, we're "renting" the house per se but actually as soon as we're able to, we're buying this house from a relative. Creative financing in a way...

Sounds like your fresh start is going well. Congratulations! Unfortunately the banks, for the most part, have only two speeds, slow and real slow. There is no law or contractual obligation to FC in a reasonable time frame. Hang in there. I agree don't do anything that might in any way be viewed as delaying the FC.

[tobee43]

i would JUMP on any "legal" DIL in a minute, although it must be accompanied with a signed contract that the DIL will satisfy any and all amounts associated with the property.

we did one with one piece of property, unfortunately chase has the other property and will not budge. a DEED IN LIEU is really a good way out, if you plan to leave the premises. however, again, that contract must also relieve you for any and all responsibilities associated with the property. it's not just BOA, it's all of them really.

[Discharged09]

Well, been there done that. My last payment on my condo was in late 2008...then I included it in my Ch7 which was discharged in Oct 2009. Have not lived there since I stopped paying. Bank of America still has not foreclosed and a few months ago, they were calling me 3 or 4 times a day and sending me letters to do a DIL. I finally agreed to it, so I can move on with my life and hopefully get my name off this place. Well, after submitting all of the paperwork, and having a representative "assigned" to me...I finally got a letter shortly after stating that I did not qualify...and it wasn't Bank of America...it was the owner of the loan that denied me. Bank of America says they only "service" the loan. I don't even know what to do anymore besides putting it in the back of my mind and just wait it out. Good luck!!

[tobee43]

Well, been there done that. My last payment on my condo was in late 2008...then I included it in my Ch7 which was discharged in Oct 2009. Have not lived there since I stopped paying. Bank of America still has not foreclosed and a few months ago, they were calling me 3 or 4 times a day and sending me letters to do a DIL. I finally agreed to it, so I can move on with my life and hopefully get my name off this place. Well, after submitting all of the paperwork, and having a representative "assigned" to me...I finally got a letter shortly after stating that I did not qualify...and it wasn't Bank of America...it was the owner of the loan that denied me. Bank of America says they only "service" the loan. I don't even know what to do anymore besides putting it in the back of my mind and just wait it out. Good luck!!

what a mess!!! there is no "qualification" for a DIL, it's just something the bank either agrees to do or not.

that's exactly our attitude as well. it's been 4.5 years and nothing, no movement from chase at all...except now i rec'd something rep'ing the office of occ ...actually when i have a moment i'm going to post it. apparently it "real". asking for damages from chase for the way they handled our foreclosure or lack of. our time periods are about the same as yours so i'm wondering if you'll get a letter as well. i did do a bit of research and call the OCC...they say it's real. i'm still not certain.

[Billssuck]

Well I'm at the conclusion that a DIL is just another run around by the big banks to do "something" but not really getting anywhere. We have decided to ignore the letter...

Tobee43...long time...everytime I think about my old house sitting empty, dark, and cold and not maintained, I picture the description you gave of your old home with the trees growing up inside of it. Pathetic what the banks are doing. A home similiar to our old house had the copper piping and electrical wiring stolen out of it. They lowered the price $60,000 because of this and it finally sold.

[tobee43]

Well I'm at the conclusion that a DIL is just another run around by the big banks to do "something" but not really getting anywhere. We have decided to ignore the letter...

Tobee43...long time...everytime I think about my old house sitting empty, dark, and cold and not maintained, I picture the description you gave of your old home with the trees growing up inside of it. Pathetic what the banks are doing. A home similiar to our old house had the copper piping and electrical wiring stolen out of it. They lowered the price $60,000 because of this and it finally sold.

well actually a DIL, a deed in lieu, is in lieu of payment of the debt. so if the bank is on the up an up it's a great way out of the situation.

yes, it's been a long time...very. i have just rec'd a letter requesting that i file a claim against chase, it's a company rep'ing the OCC. i looked up the company and it's actually real. they are claiming certain mortgages, my being included was one of the one's that they can't foreclose on due to this or that mistake by the bank and i can file a claim. i'm most likely not going to do it as there were no financial damages which is what they are looking for. i mean, other that us having to leave our house.

because of that, i don't think the bank can put our old property up for sale, it may not have clear title or something is up. the house from what i heard is even worse and it use to be over 600k, now the houses around it are valued at 200k-190k, but the mess this one is in, most likely because of the water issues and now i'm certain black mold and continued flooding, they most likely have to just knock it down, one would think.