Vacated my old home

[braincramp]

We were chapter 7 discharged in August 2010 and didn't reaffirm 1st or 2nd mortgage. I called BOA today and told them we had vacated the premises and have no desire to retain it. I told them I would like to start deed in lieu. They were going to assign an agent to my case and they would be getting in contact with me in 7-10 days. My question is, what should I expect next. How much personal information do I need to give them that they don't already have ? Thanks for any insight.

[justbroke]

There is no telling what Bank of America will require. It's unfortunate that you had to vacate, because no one can tell you for sure when BOA will actually foreclose or accept a deed in lieu of foreclosure (DIL) or actually approve a short sale. I suppose that you'll know more once they assign a "representative" (agent).

Unless, when you wrote "agent" they mean to say that they are assigning a real estate agent to assist with a short sale? Usually, a DIL requires the home to be listed for at least so many days (typically 90) without sale.

I too wish this were streamlined and straightforward, but it's not. For DILs and short sales, they usually want all the same information necessary to do a modification. That's basically all your finances and documentation of such including tax returns and pay stubs.

[braincramp]

Crap! I absolutely hate even talking to them,let alone give them my financials. We didn't have to vacate but we bought a different place for cash. I never tried to sell our old house because nothing is selling in our area for the kind of money I would have to have had.

[Drazil65]

BOA did not accept our offer of a DIL back when we first started tis whole thing, they also pushed for a modification or short sale and wanted so much information (and actually put us on a time schedule to get it to them), we were not having it. I told them look, you can agree to the DIL or not but you are not about to get all of account(s) info etc, they did say it had to be on the market at fair market value for 90 days first (which we had already completed) but they turned the DIL down anyway (I am sure cuz we did not give them all the info they wanted).

We told them to send it to foreclosure and it actually made it to a little over 2 weeks from the auction date when BOA sold the loan to another company and sending us back to the beginning (the new company pulled the foreclosure and wanted us to do mod). It took a total of 2.5 years and one other loan company to get it to auction. So do not count on anything (especially BOA) and good luck!

[braincramp]

Thanks for the info. I assume this is what is going to happen in our case. I'm not giving anybody all the info they're asking for.

[ValleYum]

Thanks for the info. I assume this is what is going to happen in our case. I'm not giving anybody all the info they're asking for.

BOA has a page similar to the info I used to do my DIL with Chase. I told Chase that the underlying debt was extinguished with my BK and I was not providing financials or attempting a short sale. They did not require me to do either.

Check it out here:

http://homeloanhelp.bankofamerica.com/en/deed-in-lieu.html

The last advice I have for you is to stock up on patience and persistance.

Good luck!

[braincramp]

BOA has a page similar to the info I used to do my DIL with Chase. I told Chase that the underlying debt was extinguished with my BK and I was not providing financials or attempting a short sale. They did not require me to do either.

Check it out here:

http://homeloanhelp.bankofamerica.com/en/deed-in-lieu.html

The last advice I have for you is to stock up on patience and persistance.

Good luck!

Thanks! BOA emailed a form to sign saying I wanted to do the DIL and the guy I talked to said I didn't need to give them financials. After the last 5 or 6 years that's one thing I have is patience.

[braincramp]

Just doing a update. First of all, I'm finding banking institutions and debt collection agencies to be quite possibly the most annoying business's on the face of the earth. Common sense is not in their vocabulary. BOA who holds the first mortgage has now pawned us off to two "loan servicing" since October. You would think someone would like to either get a deed in lieu or foreclosure done since they I left them a very nice piece of property for them to sell. I've told them time after time the house is vacant with no insurance and probably no heat very shortly but no one seems to care. It's their loss. If they would have acted with some kind of urgency they could easily have gotten some good money out of the house. The longer they dink around the less they're gonna get back out of it. I'm just glad they don't run the company I work for. After 4 months I'm no closer to getting done with my old house than I was in Sept. Rant over.

[ChescoChris]

Seriously, after 5 years of dealing with Bank of America and my chapter 13 surrender, I'd be skeptical. They couldn't even figure out which of their legal teams was handling the property.

[niko]

BOFA is smarter than you think. You had FHA loan? If yes, they wait to make a claim until your discharge and collect whole bunch of money including the interest from government backed insurance program known as PMI. Who suffer during that 5 years maybe even more is yourself. They need to fix this otherwise too many people being burned out because of this.