Ok so I pretty much agree with everything people have said on here (except for that Eli guy that is def. SPAM!)
1) IT IS ILLEGAL TO DO THIS! Maybe the caps thing was too harsh, but I seriously get asked this question all the time from my clients since my broker actively invests in real estate too. Talk about big trouble I wouldn't touch it with a ten foot pole.
2) I almost wonder if you agreed to postpone the sheriff sale in order to do a workout with BOA and now you have a shortened 5-week redemption period? Where you are at in the redemption period is pretty important on what options you have.
3) I am attaching Fannie Mae's website as a resource to you. It might be too late on any of the options but if you no someone else in need of help this is the resource you should have gone to 18 months ago. Any of us on this forum that do short sales has a lot of experience with BoA. They are one of the worst banks to work with. Too bad you didn't seek our help sooner but it is what it is.
I live just up 694 in Vadnais Heights so we are practically neighbors. If you want to ask me any professional advice just let me know.