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”.
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.