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Deed in Lieu of Foreclosure or Foreclosure
I am behind on the payments and Bank of America is talking about foreclosing and I was wanting to know if I could have a deed in lieu of foreclosure done on the loan so it wouldn't be as bad as a foreclosure on my credit.
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I am having problems with Bank Of America, because they don't want to refinance or any thing else, and have had major problems with Wilshire, We got behind the end of 2008 and we rented out our home at the beach to save it, and we paid them $16,000 and was sat up on a Forbearance agreement for $1.385 a month with a 10% interest rate. I paid 11 months and on the 12th. month my payment was refused. I had my attorney speak with them and they claimed I had not paid for 6 months and proved I did, and guess what?...My loan was sold to Bank Of America! No paperwork, except a bill saying that I owed over $2,000 each month. listen, and listen good!...No Bank can Foreclose on your home!!!!! know why..they sold it and it turned to (STOCK)! This has NO (promissory note)! The banks are selling our mortages and turning this into 5 times more than what we owe on it.
Please contact me if I can tell anything else you need to know. I will tell you more later, if you contact me. It's after 3am and I'm about to fall asleep!
God Blesss,
Sharon