Our client told us on day one, we do not want to keep the house, it has mold. We already moved out. We have already bought another home. We want to give the house back and avoid personal liability because we are well over $100,000.00 upside down. The first week we had the case we wrote the bank’s lawyers and offered them a deed in lieu of foreclosure if the bank would waive the deficiency. Our offer was refused. When the bank changed law firms we asked their new law firm if they would agree to a waiver of deficiency. Again our request fell on deaf ears. When the bank changed loan servicers, we again approached counsel about a waiver of deficiency and were told that a waiver of deficiency would not be approved because of a lien held by the second mortgage holder. I then reached out to Bank of America who held the second mortgage and obtained a satisfaction of mortgage from Bank of America who realized their position was completely underwater and therefore worthless.
|Excerpt of Actual Cash For Keys Agreement|