[WSBAPT]Foreclosure as an Option?

[amanda_wilson at olypenlawoffices.com]

I have a client who came to me wanting to "just get rid" of their house
that was underwater by over $100K. She had been awarded the house in her
divorce, it was her residence up until this time, and she is an
underemployed artist. Her husband and her are both still liable for the
mortgage, but the husband would also like to "just get rid of it." Both
have told me that their credit scores are not an issue.

 

Initially, the client was terrified of foreclosure. I told her we could
ask the bank to do a Deed in Lieu of Foreclosure. They require that the
house must be listed for three months before they will consider allowing a
Deed in Lieu. My client listed it, and it got offers immediately, which
took us down a dark and windy path of working towards Short Sale instead
of Deed in Lieu.

 

We listed the house 14 months ago. One short sale almost closed but the
bank screwed it up. My client is done with this and so am I (I am really
tired of forwarding bank statements). Almost simultaneously, my client
told me to just do a Deed in Lieu of Foreclosure and the realtor told me
there was a new offer on the house. Because of the new offer, the bank
will not allow us to do a Deed in Lieu of Foreclosure since they have a
viable short sale offer (we are in the first month of the short sale, it
will take at least three or four months of forwarding bank statements
before we even get an answer from the bank, and then they could start
making conditions and yada yada).

 

Is there any reason my client (through me) should not tell the bank to
just go Foreclose themselves?

 

 

 

Amanda M. Wilson, esq.

Olympic Peninsula Law Offices, LLC

219 W Patison St.

Port Hadlock, WA 98339

 

(360)437-4172 office

(206)331-7851 cell phone

"I've learned that people will forget what you said, people will forget
what you did, but people will never forget how you made them feel." ~ Maya
Angelou

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