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Bank of America Won’t Take My House. What About Keys for Cash?

I bought an one bedroom apt turned condo back in 2007 at the Courts of Oakland Park in Oakland Park, FL. The mortgage company then was Country Wide. My initial mortgage was $787 the first year, the next year it skyrocketed to $1,366.

The place had gone into foreclosure in 2009. Bank of America bought out County Wide Loans and took over as the Lender. I have been in limbo awaiting word from Bank of America about re-modification/lower mortgage rates.

I even asked about the “keys for cash” option. But, BOA explained to me that my place has to be in foreclosure in order to have that option. Steve, my place has been in foreclosure for 3 years now, at least! Please advise on anything with “keys for cash, or lieu of deed”.

Fred

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The Answer

Dear Fred,

One issue I’m seeing more and more are banks that are leaving people hanging and not taking back properties. If they don’t take it back then they don’t have to pay taxes on it or keep the place up.

When you say the place has been in foreclosure for three years, do you mean you’ve had a foreclosure sale date or just that’s you have not made payments in three years and you are behind?

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Ishka007

    OMG!!!!  I am so stressed out.  I myself bought a house through a B of A mortgage, what a mistake.  I took a 40 year loan, with the first 10 years being interest only.  I also had an ADDI grant of $8250. for the down payment.  I bought the house in 2006 in Orange, MA.  My original mortgage was set at $788. and 6 months later the mortgage jumped to $1076. and at the same time my unemployment stopped and my younger son’s father stopped paying child support.  With all this going on I ended up in the hospital with serious health issues and could not be away from my Dr’s here in Boston.  I even had to sign a conformitory mortgage becuase someone at the Registry of Deeds deleted my land description from the filing.

    I bought the houe in 2006 (brand new) and have tried doing a dee-in-leiu, 2 short sales, even tried giving them keys to a local office.  The last time I went to the house, the bank changed the locks on me without even notifying me.  I have not made payments since November 2007 and no one will listen to me.  The Bank keeps telling me to call their lawyer and they then say the same to call the Bank.  I DON’T WANT MY HOUSE!!!!!!!

    How can I dump this load that has now been vacant for 2 years and not rented out.  The bank told me today to file Bankruptcy.  Why should I so this if most of it lies in their lap from the begining of the original loan, such as house number, land desricption and taxes. 

    Help in MASSACHUSETTS,
    Susan M.

    • http://northeast-properties.com Andy Faria

      Hi Ishka,

      What happened with the short sale attempts?

      • Ishka007

        The bank declined them both.  One was a cash over over the appraisal value. doesn’t make any sense to me.  I called B of A today and they said I would have to start back to square one.  The lady said she would be sending out an appraiser once they got my paperwork faxed to them.  She asked me when would be a good time to let teh appraiser in, I said duhhhh….you people changed the locks on me over a year ago.  Doesn’t anybody there read their notes or at least have my account be red flaffed for not paying my mortgage in 56 months?  I really truly don’t understand.  The house is out in the boonies and the bank said that I had filed to do a modification, Ummm….since one I even sent back the keys that I had over a year ago.  People here in Massachusetts say I should go the media regarding these issues.  Almost 5 years and no mortgage payment and they still insist to do a modification and I have told them now for three years I am out and don’t want any part of it.  HELP!!!

  • Louis Oscar

    Hey Fred
    Were you aware that the mortgage payment would increase? if not get in the back of the line, many people were hoodwinked into thinking that even if the mortgage payment was to increase by the time it did you would be a candidtate to re-finance at a lower interest rate to keep the monhly payment almost as low as the original. Who’s making the banks accountable for the fraudulent transaction they committed? noone.   Loscar

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