Deed of Lieu????

[Robin McGee]

so I've received my first 2 calls from my outgoing letters. One told me to remove her from my list - haha. I just got off the phone with the 2nd caller - she advised they were going to do a deed of lieu with b of a and bofa advised them the DOL didnt go through and they've been locked out of the house for 2 years. Said the taxes are behind and the bank owns it. She felt the only way i could make money off the home is through a tax sale. Anyone have any advice on this or is this a waste of time?

[Ned Carey]

The problem with getting a tax lien or deed on a specific property is that it is an auction and they are often very competitive. And yes it is likely that Bank of America would pay the taxes off anyway. 

However the owner may be wrong the bank may not actually own it yet. People often move out before a bank completes a foreclosure. Banks often start foreclosures and do not finish them for who knows what reason. And I have certainly taken properties from banks in tax sale simply because the bank was asleep at the wheel.

So step one is see if the bank completed a foreclosure or if the person that called you is still legally the owner.