Foreclosure in Dallas>Question Details

erichtturner, Home Owner in Dallas, TX

No foreclosure but more BOA crapola....

Asked by erichtturner, Dallas, TX Wed Mar 27, 2013

In short, for about 5 years I have been trying to sell a home that is upside down.I have been through a potential short sale process that fell through when the rep did not turn in paperwork in a "timely ot complete" manner.
She disappeared whe we asked her about this and in Oct. 2012 I started a Deed In Lieu process. I was told this would take about 3 months. It is now going on 6 months and part of the process was actually, finally, approved.
Then, within the last week, I was informed by the current lender that my loan was being sold as of 04/01/2013! And as of this writing, I have been informed that the part of the DIL that had been approved is now cancelled. In their words, "you are at the beginning of the DIL process and there is no way it can be approved before the change of service". They are advising I start the process all over with the new mtg. co.
WTH?!
Is this all legal? Ethical? Do I have any legal rights myself?

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Answers

8
Bruce Lynn’s answer
Sorry for the trouble....this is indeed frustrating....believe me you are not alone....but I don't think any good lawyer would probably take this case. Banks are not forced to do short sales or DIL. It may be in their interest to do so, but I don't think there is probably anything in the loan documents you signed that says they are forced to do this. To the contrary you probably did sign a deed of trust saying you would pay, pay on time, you would keep insurance, pay HOA dues, etc and if you didn't they had the right to foreclose. It typically would not say "unless the value goes down."

While there could be some damages incurred to you for dragging this on, they're probably minor compared to the damages you have caused to the lender or will cause.....even attempting to resolve it in good faith on your part.

Sounds like you have taken the high road to try to resolve the issue and for this you have to be commended. Hopefully if you have kept up with your payments, prices are starting to rise and five years later you have built up some equity, so maybe you will be able to sell this summer or in the next year or two without having to go through the short sale or DIL process at all.
0 votes Thank Flag Link Wed Mar 27, 2013
Yep...before this frustrating series of events where I asked those poor downtrodden folks at BOA for help, I tried a Short Sale handled by a "broker". I was informed by BOA that the "broker" ws not turning in paperwork in a "timely or complete manner". I doubted those poor downtrodden folks at BOA so I asked the "broker" about this.
She disappeared.
Just sayin'.....
Flag Wed Mar 27, 2013
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Folks-
I really appreciate all the advice, sympathies, and suggestions here.
However, I would also like to apologize as I am not in the Dallas area. I am actually in Tennessee.
Somehow, in my technologically limited brain, I managed to post, apparently, on a Dallas area site.
I will say though that I have attempted to contact at least 3 attorneys in the Nashville area, none of whom has returned my call.
My thanks again to everyone here!
1 vote Thank Flag Link Wed Mar 27, 2013
If you can do a short sale you are still better off. A deed in lieu is still reported as a foreclosure.
1 vote Thank Flag Link Wed Mar 27, 2013
Hi Erich,

I am so sorry that this is happening to you.

Now the market is a lot better now. Have you consider selling it or doing a short sale? Maybe you can still save your credit.

I would be more than happy to look into all other options for you. You can email me at dixondfw@gmail.com

Dixon
Realtor
http://www.findyourtexashome.com
1 vote Thank Flag Link Wed Mar 27, 2013
Eric,

This is happening a lot. Many of Bank of America deals, even mid-stream, are being transferred out to new servicers such as SPS. This does start the process over. However, with the appropriate guidance, I have found that you can short circuit the system to achieve results faster.

Chris Ebert
Henley & Henley PC - Real Estate Law Firm
(214) 552-6647
1 vote Thank Flag Link Wed Mar 27, 2013
Welcome to the world of BofA =) way I see it you have lived in the home for 5 years probably not paid full mortgage amount OR possibly no mortgage . You have a "roof over your head" just deal with the issues there will always be delays on top of delays wrong department OOPPS and we lost the paperwork I can continue with all the hair pulling activities a Realtor has to go through with BofA .


Lynn911 Dallas Realtor & Consultant
Multimillion Dollar Sales Producer
972-699-9111
http://www.lynn911.com 100's of Dallas homes listed for sale or lease

Follow me on Facebook
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0 votes Thank Flag Link Wed Mar 27, 2013
Bank of America. The worst.
Flag Sun Mar 31, 2013
Hi Eric,
Sounds like you need to speak with a real estate attorney. Call your title company. They may be able to help.
0 votes Thank Flag Link Wed Mar 27, 2013
Hello Eric, I think it Is best to consult a real estate attorney at this point in time. I wish you the very best.
0 votes Thank Flag Link Wed Mar 27, 2013
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