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What does this mean on my credit report?

Discussion in 'Foreclosures' started by stephslr, Mar 28, 2010.

  1. stephslr

    stephslr LoanSafe Member

    I just got an Alert from Experian. The status for our BofA account has always shown the number of days late (90, 120, etc) until today. It now says BANK ADJUSTMENT / DEED IN LIEU / BANK LIQUIDATION what does that mean? We are working with the BofA negotiator and our buyer to submit a short sale offer price that everyone likes.

    The bank appraised the house at 190-208,000. The buyers sent in a cash offer of $164,000 because the FMV of the house isn't much more than that. The bank told us Friday that they will not look at the offer of 164. They will only look at an offer if it is at least 180, but they specifically said they wanted 190. Could the BANK ADJUSTMENT / DEED IN LIEU / BANK LIQUIDATION mean they have decided not to do a short sale with us after all and are going to offer us the Deed in Lieu? The terms "deed in lieu" and "bank liquidation" seem contradictory to me. Thanks
  2. ItWillWork

    ItWillWork LoanSafe Member

    I was a victim of one of the investment fraudsters on the news. The outcome was four foreclosures because the short sale offers were not accepted, on income property. I got an alert saying exactly what yours did on Experian. The bank was in the final filing stage of the foreclosure. It was not BofA. Your house is scheduled for foreclosure in just a few weeks, probably less than a month away. The foreclosure department sometimes forecloses and it goes to auction even if there's a sale ready to close. The departments don't talk to each other. Call and ask for the foreclosure department, and get them to move out the date. Keep calling until you actually GET the new date. Good luck!
  3. stephslr

    stephslr LoanSafe Member

    Our house was scheduled for foreclosure on March 2. They stopped the sale because I threatened to get my lawyer invovled since we had 3 short sale offers submitted to the bank that they were just sitting on. We actually would be fine with the foreclosure. But, I am surprised to hear that they can flag our credit report for foreclosure before they notify us in writing. I believe in Texas we are allowed a 21 day notice, and trustee sales are done on the court house steps the first Tuesday of each month. So, it sounds like we could expect a May 4 foreclosure? The bank does not like the offer that we still have in for the short sale. They want so much more money than is realistic that I wouldn't be surprised if they foreclosure to get us off their backs. I hate this!
  4. ItWillWork

    ItWillWork LoanSafe Member

    If they already gave you the 21 day notice beck in Feb. (for original March date) they likely don't have to give another notice. I never had TX properties, so I don't know. Call the lawyer the bank is using for the foreclosure, they may tell you. I finally realized the banks are stupid, and stopped worrying about doing the right thing and getting the short sales done. Let the houses stay empty deteriorating like they seem to want, ugh!

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