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We have been approved for a deed-in-leiu of foreclosure on a property in Arizona. We have the documents giving up our rights for the home. In addition to that the bank sent us a note for $25,000. Claiming it is for the mortgage insurance. There is an anti-deficiency law in Clarkston stating that the lender cannot come after the borrower for any deficiencies (losses). I am wondering if they are just trying to get their money back by hoping I dont' know the laws. Or avoiding having to sue me later for it- Which wouldn't be worth the court costs. If I had the 25G in the first place, I would have just sold the house for $25,000 less. -stupid bank- My question is if this request for the loan is legit. And if not, what should I tell the bank when I don't approve it. Thanks all!
Also, we are not in the finantial position for a lawyer. We are military. We were in Clarkston where we bought the home. We got restationed in North Carolina. We tried to sell the Clarkston home and after a year we couldn't and decided to do this instead of a foreclosure. Paying both a mortgage and rent out of pocket have eaten away at our savings. We make 33,000 a year. We don't have the money for a lawyer anymore.
You really need to consult a real estate lawyer... Having said that, just send the note back with a letter declining to sign and reference the surrender of deed in lieu of foreclosure. Then sit back and see if they have a reaction. Believe me, if the bank thinks that they have a chance to get you for the money, they will react to your refusal to sign. KEEP copies of all the documents that you send, and send the letter registered with return receipt requested. BTW, I don't understand why the bank would need you to sign a note to file for mortgage insurance? All they would need is your signed document to surrender the deed to show the loss to the bank. If the bank is trying to scam you, I think that you should see if the Az state office of consumer protection would be interested in a bank trying to scam a consumer. A threat from the state office of consumer protection would probably be enough to scare them away.... See URLs for the consumer compliant process in the Office of the Arizona Attorney General...
Check with a lawyer. You shouldn't be attempting this on your own. I'm not a lawyer, so this isn't legal advice. However... You didn't say whether the Arizona property is your primary residence or not. It's very common for lenders to seek additional funds when the property is not a primary residence--for instance, a vacation property or investment property. Second, in many states (I don't know about Arizona) the non-deficiency provision applies if your agreement with the lender is silent on how the deficiency is handled. However, in many states, the lender can ask for a seller contribution, making that contribution contingent on its approval. And that's what it sounds like is happening here. There's no deficiency yet; you and the bank are negotiating about the deed in lieu. The bank's proposal is that they'll approve it if you pay $25,000. So, check with your lawyer.