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TJ, Esq.
TJ, Esq., Attorney
Category: Real Estate Law
Satisfied Customers: 12365
Experience:  JD, MBA
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I live in TN lost job & have not paid on $700,000 home in

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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?

Hello and thank you for allowing me the opportunity to assist you.

Q: Is is likely they do not have the original documents necessary to foreclose? Why would they wait 2 1/2 years?
A: Most likely they do have what they need to foreclose since they do not need the original documents. Copies will suffice if the originals are lost. They may be waiting for a variety of reasons. It could be that they are simply backlogged because of so many other foreclosures, or it could be that they want to wait until the house is worth more if it depreciated greatly over the past few years, or it could be that your bankruptcy slowed things down for some reason, or any number of other reasons. If the loan is owned by Fannie Mae or Freddie Mac, that alone would slow things down because they weren't foreclosing on any properties lately because of their own financial issues.

Q: 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.
A: No, I do not think that you should do that because you'd be wasting your time, money and energy. Unfortunately, you cannot force BOA to produce the original documents, nor can you keep the house free and clear (nor can the bankruptcy trustee go after the house). The bot***** *****ne is that you can't force BOA to foreclose, and BOA does not have to have the original documents (that is an unfortunate myth).

Q: What if I do nothing but rent the house for $2,500 a month to someone?
A: You can certainly do that and keep the money. Until the foreclosure occurs, you own the house and can do almost anything you'd like with it, short of destroying it. Based on what you wrote here, renting the house may be a good idea if you can find a less expensive place to live. The rent money may help you get on your feet again and possibly save for a new down payment for a house a couple of years from now.

Does that answer your question? Please let me know if you need clarification, as I am happy to continue helping you until you are satisfied. Also, your positive feedback is much appreciated. Thank you for using our service!

If you would like to direct additional legal questions to me in the future, then please type "To VAMD" in the subject line of your question.
Customer: replied 4 years ago.

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?

Hi again.
You could rent the house for as long as you own it. If the lease is bona fide (i.e., arms length transaction for market value), then the tenants would be entitled to remain in the house until the lease expires (unless the purchasers of the house intend to live there themselves, which is unlikely).
In Tennessee, Section 47–3–309 specifically provides that a party may enforce a lost, destroyed, or stolen note, if they can prove the terms of the note. A copy of the note would suffice to prove its terms. Accordingly, I disagree with your bankruptcy attorney.
I hope that helps. Please let me know if you have further questions.
Customer: replied 4 years ago.

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.

Hi again.
BOA can't force the tenant out if the tenant is bona fide, which means that it is an arms length transaction (i.e., the tenant is not a family member), and the rent is at market value. If it's bona fide, then BOA would have to wait until the lease expires to kick out the tenant. The one exception would be if the purchaser of the property at the foreclosure is not BOA, and is a regular person who intends to live in the house. In that situation, he'd have to give 90 days notice to the tenant to vacate.
I doubt you'd need to worry about getting sued because most likely BOA would be the purchaser at the sale, so the tenant could stay until the lease expires. You may still wish to disclose the situation, however, just in case. I wouldn't do a month to month lease since BOA would be able to kick out the tenant almost immediately after the sale.
Let me know if you need clarification. Thank you for using our service!
TJ, Esq. and 2 other Real Estate Law Specialists are ready to help you
Customer: replied 4 years ago.

Thank you very much for you help!

Customer: replied 4 years ago.
I added extra $ for ur help.
Do u do contract work. I have an employment contract and my employer breached the contract. They are offering me 90 days severance. As I read it I think I am entitled to 7 months. I can get u the details and a copy of the agreement if u can offer advice. I would need a fax number. Of course I would pay u.
Hi again.

Thank you so much for using our service, and for the bonus. It is greatly appreciated!

Yes, I can assist you with your employment law question(s) regarding the employment contract. However, my understanding is that customers have a way to upload documents. I do not know of a way to fax the document. If the way to upload the document is not apparent, then I will get in touch with customer service so that they can help you.