BOA 2nd HELOC " Quit Tittle Strategy"

movingice

LoanSafe Member
Nov 12, 2013
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Hi To All

Its been a long long Road and have already Settled a Chase 2nd for 10%. (The Loan Safe Strategy Worked)

But I have a BOA that is doing nothing since 2014 , last payment Jan 2012 !
Is time to go on the offensive ?

Home Located in NY
Amount owed is North of $200,000.
1st Charge off letter 2/1/14 asking for full payment in 10 days and referred to Recovery Dept.
2nd Repeated Letter 3/9/14
3nd Repeated Letter 3/2114
Settlement letter in April 2014 1 of 1 payments or Cash settlement of 33% of Balance
May 2014 Attorney Letter asking for me to contact them , I did and they asked for cash settlement 33%
April 2015 Attorney Letter say not representing BOA anymore
In all the Letters the Balance remained the same.

Should I hire a Attorney to file a Quit Tittle Action/Suit ?
What about the Statue of Limitations in New York ?
Will this Force BOA to Settle for 10% or better yet lose in court and pay them nothing !
What are the risks ?

Any thoughts ?

Most Attorneys I talk to don't
want to give a sold answer, and costs could be anywhere from $4,000 to $8,000 depending on who you use to file.

Any help appreciated.
Thanks

Moving Ice

On a person note after seeing the Movie "The Big Short" I want to sue them all for inflating the Markets bank in 2007.
 

Jzone

LoanSafe Member
Jun 20, 2017
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Charged off or discharged in bankruptcy?

The 33% offer back in 2014, was probably the best deal you will get as market prices have gone up since then.
But all settlement offers can be negotiated. Its hard to say in 2019 what a good deal is, but not as good as it was from 2008 to 2012.

You probably mean quiet title action? Those still take about a year, but I have heard some success with them also. Basically, anyone who has a claim/lien on your property must appear in court and a judge decides. Could be something to look at.
 

OneHugeMess

LoanSafe Member
May 30, 2016
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What part of NY is this? If your on LI, or remotely near the City (Westchester, Brooklyn, Bronx, etc) it is very unlikely they'll accept a settlement. Especially, if you have equity. Who is the loan servicer for your 2nd, that you are trying to remove?

Also - it sounds like both your 1st and 2nd mortgage, are in default, is that true? Or are you talking about three loans.
 

movingice

LoanSafe Member
Nov 12, 2013
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Yes
quiet title action (mod please change that )

1st Mortgage is current and with a different Bank
2nd was Charge Off with BOA and Charge off by the Bank (no
bankruptcy)

I live in Long Island

Is it worth a Law Suit ?
 

Jzone

LoanSafe Member
Jun 20, 2017
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I have been researching this same strategy for about a year, but doesnt seem to be much success with these lawsuits. You would definitely need a real estate attorney, not just someone who is a lawyer.

I talked to a real estate attorney about 6 months ago. $3000 flat fee, no guarantee that it works.

I'm trying to get a lien removed after bankruptcy. Debt was discharged but lien remains on the property. Have tried to work out a settlement with lien holder to release the lien, but not working so far. They cant collect on the debt, but if I sell, they would get paid.
 

OneHugeMess

LoanSafe Member
May 30, 2016
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You said you settled with Chase? Was that a Third Lien, or is that 2nd you are trying to get discharged now?

Either way, under current rulings, they can not foreclose or take back the property, nor recover any money, unless your default on your 1st Mortgage. NYS has made it clear that the SOL will be applied in cases like yours.

I would consider pursuing a Quiet Title Case, down the road, in a few years. But not at this point in time, unless you have to sell.