Question on the new law......................

How does the new law that went into effect on November 1st,2012 that if you can no longer afford your home due to illness in the home.  It is my understanding that you can turn the keys and title over to bank of America due to illness. Since the person that lived in the home can long live there by themselve and have to live in assitant living.  I know the loan is a Freddie Mac backed loan with Bank of America.  Can you tell me who we would call and how the new law works?

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Permalink Reply by Bryant Tutas on November 13, 2012 at 1:03am

Hi Stacy. What you are referring to is not a law. It is a  New Standard Short Sale Guidelines for Fannie and Freddie. I've attached the guidelines for you.

Lenders do not have to accept a Deed in Lieu (turning the keys over). A DIL is just like a foreclosure on your credit and should be avoided if at all possible.

It sounds like you are a perfect candidate for a short sale. If you qualify for the BofA co-op program you could get any where from $5,000 to $30,000 for completing a short sale.

The way to find out of your qualify is to hire an agent with experience. They will initiate a short sale for you with BofA. BofA will then review your file to see if you qualify for their co-op short sale.

If you would like for us to connect you with one of our superstar agents just complete this form and we'll make the connection.

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Permalink Reply by Bryant Tutas on November 13, 2012 at 9:49am

I think you are correct Brian. I can't remember all of this stuff!!

Permalink Reply by Beverly Cibulsky on November 13, 2012 at 5:32pm

Appears to be a viable hardship and short sale.Well at least I dont think you can be evicted from an assitant living, if  you have a foreclosure in your history. If the owner needs to be in assitant living, and the bank dont want to work out someting, "what the heck". Someone once posted on this site "St Peter doesnt check your credit score!" (I love that one till this day!) My thought?, there are no pollatitons in heaven, so they wont change this!

But, if the person just wants to do the "right thing" They can attempt a shot sale. There appears to be a deffinite hardship! And heck, like Bryant says, you may be able to get some compensation (as I like to call) .

Good luck and best wishes!

 

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