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I lost my job on 12-18-09. I called countrywide the next day and told them what happened. I asked if we could reduce my payments till I found a new job. they said no. Each month I called them and got the same answer. You are current on your payment there is nothing we can do. in May when I ran out of severence pay ran out I could not make the payment. I put the property on the market in March but have had no offers. I asked for deed in leiu of foreclosuer and this was in process and then we hit a bump in road. Countrywide AKA Bank Of America purchased mortgage insurance on the second mortgage and I was not aware this had been done. BOA wants me to pay 19,200.00 to the mortgage insurance company to continue the deed in leiu of foreclosure. I told them I did not purchase the Mortgage insurance. HELP. Should I get legal representation? I live in Ohio.
State/Country relating to Question: United States
The lender doesn't have to agree to the deed in lieu -- it can foreclose instead. Based on your stated facts, you don't have any leverage to refuse the lender's request.
I certainly understand that you may not have the money, but without negotiating leverage, there's nothing to discuss.
You could point out to the lender that unless you can come up with some settlement, that you will be forced to file Chapter 7 bankruptcy. That would put the lender that unless it comes way down on its price to close he deal, that it will end up with nothing at all.
But, the botXXXXX XXXXXne is that a Chapter 7 will probably run you $2,500-3,000, so unless the price is somewhere in the same range, you may want to consider bankruptcy as a preferable option.
Hope this helps.
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