My guess is that they are they don't want to stop receiving the servicing money they get on that loan. You could short sale it if you're ready to walk away as this is a lot better solution for you. I just sold a short sale in Menifee and would be happy to speak confidentially to you and your wife.
Regret to hear of your problems.
The Bank is waiting for market to improve and also present laws to change.
Then they will foreclose and come after you for deficiency judgement when laws change.
Ask your divorce attorney to refer you to a RE Lawyer.
It might be worthwhile to sit down with an experienced pre-foreclosure agent that can go over your situation in more detail. There are many variables that can come into play and no two transactions are identical. If you sign an ARC (Authorization to Receive and Convey Information) form, an experienced pre foreclosure agent can contact the bank on your behalf and get some answers for you. If you need help, give me a call or email me. I am a local agent here in Menifee.
Sherry 'K' Kotvis, MS
Why won't B of A let you foreclose? They've actually told you this? I'm going to assume you've stopped making payments since you mention foreclosure. Have you considered doing a short sale? Would you and your ex both be available for signing all paperwork? B of A might be more intereste in you doing a short sale than foreclosing. A short sale is also less damaging to your credit. And, if you haven't stopped making payments, you don't need to to have a short sale approved by your lender - you just have to have a provable financial hardship.
Here is a link for more information on short sales: http://www.shortsalescalifornia.org
If there is anything further I can assist you with, please feel free to contact me. And, if you decide to do a short sale, I can assist you with that also. I am a Certified Distressed Property Expert (CDPE).
Bank of America is backlogged with foreclosures. It can take years for it to go through, though 4 is more than I have seen. Not to sound repetitive but why not do a short sale? Youll have control of the move date, you can probably accomplish this sooner than the actual foreclosure, the bank will possibly give you moving money and, if you want to buy again, you can in as early as 2 years.
There are many excellent agents here in Menifee. I would be happy to help you. Regardless, If you do want to close this chapter sooner than later, I would recommend speaking with a local Realtor.
If you have any questions regarding your foreclosure date or short sales, feel free to call or email.
Please call me at 951.742.3751 to get started.