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Hi, I am in the process of a short sale. I have not lived in the property for going on 3 years. About 1.5 years ago BOA changed the locks, but did not winterize the home. For the record, I left the heat at 55 degrees. Subsequently, the pipes burst in the winter and did ~$50K in damage. I have received several ss offers on the house. Each time the BPO is done, it fails to account for the substantial interior damage that the water and now mold have done. BOA has countered several times, but no one has accepted since the amount of money that it would take to repair the damage will put the sale price way above BRAND NEW homes in the subdivision. Furthermore, when the judgement is placed against me, it's not going to account for the damages that they were responsible for. Do I have any recourse?
Just wondering, if you are still the owner and trying to short sale, why did the bank do anything to your house? They usually leave it alone unelss they own it.
To answer NinaN's question, I have seen many many many homes where the lender has NOT foreclosed in situations where the home owner has foolishly tried to "mail the keys" in Illinois. Since process of seeking judicial recourse is likely to be time consuming and costly many lenders do step in to try to change locks as an effort to at least be sure the home does not have squatters in it AND then encourage the borrower to short sell then hold seller responsible for some of the costs.
If the lender stands to take a big enough loss that a full blown legal case is worth the expense / hassle they WILL take that path too.
Ilinois really has some odd ways of protecting lenders, especially those who hold first mortgages, and the borrower (OP) COULD really be in a mess... If they really are "flat broke" the court can force them prove that, and with the bankruptcy changes the courts could be a monkey on thier back for quite a while....
A smart experienced lawyer ought to be able to help the OP to understand the limited options that are available -- ideally the OP and others thinking of a similar "plan" could have probably worked out things much better before they embarked on a path of foolishness. It is is the borrowers' responsibility to "maintain the integrity of the collateral" for a mortgage as well as stay current on payment and failure to do so can lead to a bunch of scenarios that really do make for lose-lose-lose outcomes where the borrower, lender and any potential buyer just see no value in dealing with a rotting mess of a home.
Just wondering, if you are still the owner and trying to short sale, why did the bank do anything to your house? They usually leave it alone unelss they own it.
Oh no... banks have been "taking over" properties in short sales nationwide. They drill through the keyhole and break into the house and rekey the house. They only do this when they become aware of it being vacant to "secure" the property and protect it from damage.
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