Real Estate Law
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I live in TN lost job & have not paid on $700,000 home in over 2 1/2 yrs. The loan was sold several times. BOA said they were going to foreclose 2 years ago. I get mail from them about ever 3 months. They have not foreclosed. Is is likely they do not have the original documents necessary to foreclose? Why would they wait 2 1/2 years? The trustee of my bankruptcy closed my bankruptcy 1 1/2 year ago and abandoned the house. Do you think I should sue BOA to force them to produce the original documents and if I take this path & should I win can I keep it or do I have to turn it over to the bankruptcy trustee. What if I do nothing but rent the house for $2,500 a month to someone?
I am married and live in a house owned by my wife. The 5,108 sf house is empty and in a very good area. Should be easy to rent.
How long could I rent it for? Could BOA foreclose and force them out in six days? If so, I assume I would need to disclose this in a lease. This could or would make difficult to lease.
I was told that in TN a lender must have the original signed document to foreclose by my bankruptcy attorney. Could TN have this requirement or are you sure its a myth?
If there is a lease in place and BOA decides to foreclose can they force the leasee to move out immediately?
I would hate to lease it to someone and BOA foreclose a month later and make them move.
The expense to potential of a BOA foreclosure in order to prevent the leasee from sueing me if they have to move?
If so, should I do a month to month?
Thanks and I will pay you more than the requested amount due to the number of replies.
Thank you very much for you help!