Even though they have made every payment in full and on time, Bank of America sent one couple a letter asking them for the deed to their house.
The “deed in lieu of a foreclosure” would save them from the hassle of foreclosure, the letter said. Bank of America offered the baffled homeowners $3,000 to help them move. They would lose all equity in the house.
Bank of America said sending the letter was an accident, the folks were completely current on their mortgage, and they would be looking into what caused the error.
BofA has increased its solicitations for deeds in lieu of foreclosures this year, which allows them to take the house and auction it off quickly without paying the $60-$80k and months of paperwork it would otherwise take.
If you’re having trouble with your mortgage, you can call the HOPE line and get free advice at 888-995-HOPE.
Couple confused about bank’s request for deed to home [9news] (Thanks to Scott!)