BofA: Notice of Intent to Accelerate Foreclosure

[RollaOne]

Hi

I received this certified letter in the mail about a month and half ago, but was unemployed during my forbearance I have been talking to my account manager and he keeps saying my loan is in underwriting and they need proof of income (aka. pay-stub) . Luckily I will receive my first one this Friday since I started my new job as of yesterday. My question is how long do I have before the bank or anybody for that matter comes for my house?

Notice of Intent was yesterday and I received a letter that mortgage has been sent or referred to foreclosure.

Thanks

[Evan Bedard]

I received this certified letter in the mail about a month and half ago, but was unemployed during my forbearance I have been talking to my account manager and he keeps saying my loan is in underwriting and they need proof of income (aka. pay-stub) . Luckily I will receive my first one this Friday since I started my new job as of yesterday. My question is how long do I have before the bank or anybody for that matter comes for my house?

Notice of Intent was yesterday and I received a letter that mortgage has been sent or referred to foreclosure.

Welcome and thanks for joining the community.

First off, what state are you located in and how many months are you behind on payments? The foreclosure process and time line will vary from state to state and this will have a major influence as to how long it will be before an auction is scheduled. However, this is just an automatic notice everyone receives who has fallen behind on payments and it can easily be many more months before foreclosure begins.

[RollaOne]

CA. I was behind since July of 2012.

[Evan Bedard]

It could easily be another 3 months before a Notice of Default is filed, and another 3+ months from there before an auction date is scheduled..

[kman-uw]

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[kman-uw]

Welcome and thanks for joining the community.

First off, what state are you located in and how many months are you behind on payments? The foreclosure process and time line will vary from state to state and this will have a major influence as to how long it will be before an auction is scheduled. However, this is just an automatic notice everyone receives who has fallen behind on payments and it can easily be many more months before foreclosure begins.

Evan,

I received a similar letter last week "Notice Of Intent to Accelerate" last week from Bofa and asking for the entire full payment.I am in NY and almost 2 months behind on payments and now they gave a deadline till Feb 20th 2013 to pay full or they start FC..We are in the process of shortsale now.Can you clarify on this verbiage for me pl's

"Your loan is default. Pursuant to your loan docs, Bank may enter upon and conduct an inspection of your property. The purpose of the inspection are to
1) Observe the physical condition of the property
2) Verify the condition of the property
3) Determine the identity of the occupant

If you don't cure the default prior to the inspection other actions to protect the mortgagee's interest in the property(including , but not limited to winterization,securing the property and valuation services) may be taken.The costs of the above described inspections and property preservation efforts will be charged to your account as provided in your security interest.

Do i need to worry about anything,If somebody show up for inspection?. Is this a normal procedure for the lenders?.

My other concern is as my shortsale specialist is taking care of the procedure, till day i haven't had any conversation with my bank and only once i told them about my financial situation and informed them about the shortsale by phone.Is it worth now to start responding to their calls and talking to the bank along with my agent/negotiator as well to find out what's happening?

[Evan Bedard]

I would not be alarmed at all, the rep is really just going to do an exterior check on the property to determine whether or not is is currently occupied and has not been vandalized. This is common practice for any lender because some borrowers up and leave once they stop making payments. The lender will change the locks and winterize the home if they determine it is vacant to protect their interests in the home and to prevent any further damages. Due to the fact you are in NY the foreclosure process can easily take up to two years or more to finalize so you will have MANY more months before a foreclosure is scheduled..