If my deed-in-lieu paperwork was finished and filled well over a year ago but the account is still open, doI have any right to legal action?

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If my deed-in-lieu paperwork was finished and filled well over a year ago but the account is still open, doI have any right to legal action?

I have a VA secured loan on the home in question. My loan was purchased by another bank some 3 years ago. I started working towards a deed-in-lieu and that process was terrible, i was told i was approved, then denied, then the representative told me they had never heard of my mortgage backer. Finally it was approved and I submitted all the legal notarized paperwork over a year ago. Still nothing has been done or finished. The process has been long and arduous, and I’m sure the bank has grossly neglected me.

Asked on January 4, 2012 under Real Estate Law, Michigan

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If you were to submit a deed in lieu of foreclosure concerning the realo property that you own and presumably cannot afford to service the debt load on the property in your name and you need to know the status of it, I would simply call, write, e mail and fax the lender as to what the current status is as to the deed in lieu of foreclosure.

If you do not get much headway with the above suggestion, the alternative course would be for you to retain a real estate attorney experienced in such matters as well as loan modifications to see what the current status is.

From what you have written as part of your question, I do not see any right that you have for a legal action against the lender.

 


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