Home Loans and Support

BOA sold loan AFTER approving deed in lieu

Discussion in 'Bank of America Mortgage Help' started by northcarolinaloan, Jul 20, 2013.

  1. northcarolinaloan

    northcarolinaloan LoanSafe Member

    Just like the title says.

    Had a home loan through BOA for a house in North Carolina (I am a current resident of Ohio). Deed in lieu has been approved and signed by all parties involved. The only step left at this point is that the deed in lieu needs to be recorded by the county recorder, which was just sent to their office a few days ago. However, I received a letter from BOA that they have sold our home loan in the mail, after they had already approved the DIL, and submitted it to the county recorder. The county recorder could take up to a month to deal with this issue, and the loan will transfer over in about a week.

    Upon talking to BoA I was told that these are separate departments, and that they have no control over if the loan is sold or not. I guess me question is how should I deal with situation? We do not want to restart the DIL process with another bank as this has taken a VERY long time to get to this point. Legally speaking since BOA has already signed the DIL, does this not make it a legal binding contract? Any input on this situation and our legal rights would be much appreciated. If the DIL falls through, we are highly considering suing BOA for breach of contract, legal fees, etc.
  2. TomEason

    TomEason LoanSafe Guide Staff Member

    northcarolinaloan

    Thanks for your post and welcome to Loansafe. The DIL is most likely a binding contract since BOA and you have signed the document and had it notarized for recording. However, I don't blame you for being concerned, and would also consider legal action if one of the lenders creates a problem.

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