Notice of Intent to Accelerate - Loan Modification Forum

babsy · 10-26-2009, 01:25 PM

I received first class mail today dated october 19th from countrywide/BAC. The letter had notice of Intent to Accelerate and to cure the default of 8,500 by November 18th 2009. I'm currently 2 months behind Sep and Oct and going through a loan modification with countrywide now BOA since 08/18/2008. My Online account status states have had Your account is in review and not to call till 10/29/09, however I have called BOA twice since last week and have been told my account shows waiting to be assigned to a negotiator. Please see below. Can someone please advice me on what this means and what to do next and what my options are? The property is located in MD.

Your request for assistance is under review. During the review process, a thorough examination and analysis of your loan will be completed. During this time, we may or may not need additional information from you. It is common that you will not hear anything from us during the review period, but please be advised that all collections activities have been temporarily suspended during this review period. We expect more information to be available on 10/29/2009. If your status remains unchanged after the 10/29/2009, please call and speak to a customer service representative. Please do not call back before 10/29/2009 as that will delay the process. Please respond promptly to any calls or requests that you may receive from us during this period. Lack of response will cause your workout to be delayed or cancelled. Thank you.
Information as of:	09/24/2009
Workout Stage:	Processing
Phase/Sub-Phase:	Active Processing

Evan Bedard · 10-26-2009, 02:12 PM

Hi babsy,

Quote:

I received first class mail today dated october 19th from countrywide/BAC. The letter had notice of Intent to Accelerate and to cure the default of 8,500 by November 18th 2009. I'm currently 2 months behind Sep and Oct and going through a loan modification with countrywide now BOA since 08/18/2008. My Online account status states have had Your account is in review and not to call till 10/29/09, however I have called BOA twice since last week and have been told my account shows waiting to be assigned to a negotiator. Please see below. Can someone please advice me on what this means and what to do next and what my options are? The property is located in MD.

A notice of intent to accelerate is a scare tactic lenders will use to try and get you to make a payment. Your status is just saying that your case is under review and not to contact them before 10/29. I suggest you keep calling at least once a week until the modification is complete..

pwrought · 10-26-2009, 03:49 PM

That means that in your note that you sign at the title company says that you have a clause of acceleration and your lender can start the foreclosure in your house ASAP.Even if loan documents allow acceleration without notice to the borrower, lenders should send acceleration notices; otherwise, acceleration may not occur and the default interest, if tied to acceleration, may not apply. Lenders must ensure that their loan documents require default interest to apply not just on acceleration, but also specifically from maturity of the loan. Lenders could provide that default interest commences from the date of default rather than from acceleration (although it is not entirely clear whether such interest would be viewed as an unenforceable penalty under California law). Similarly, lenders could provide for automatic acceleration on default (although this approach could have unintended consequences, including causing loans to be classified as nonperforming and subjecting lenders to possible waiver claims if no immediate action is taken by the lender). Moreover, default interest did not apply to matured loans because the default interest clause in the notes was tied to the option to accelerate (i.e., the notes provided that default interest commenced from acceleration and did not state that default interest applied from maturity).
Well to be more specific. Please contact an attorney because this notice means you may be getting a notice of default and eventually foreclosure.

Evan Bedard · 10-26-2009, 05:18 PM

Quote:

Well to be more specific. Please contact an attorney because this notice means you may be getting a notice of default and eventually foreclosure.

Why did you state they need to contact an attorney?

SimonSaysSo · 10-26-2009, 06:31 PM

Quote:

Originally Posted by babsy

I received first class mail today dated october 19th from countrywide/BAC. The letter had notice of Intent to Accelerate and to cure the default of 8,500 by November 18th 2009. I'm currently 2 months behind Sep and Oct and going through a loan modification with countrywide now BOA since 08/18/2008. My Online account status states have had Your account is in review and not to call till 10/29/09, however I have called BOA twice since last week and have been told my account shows waiting to be assigned to a negotiator. Please see below. Can someone please advice me on what this means and what to do next and what my options are? The property is located in MD.

Your request for assistance is under review. During the review process, a thorough examination and analysis of your loan will be completed. During this time, we may or may not need additional information from you. It is common that you will not hear anything from us during the review period, but please be advised that all collections activities have been temporarily suspended during this review period. We expect more information to be available on 10/29/2009. If your status remains unchanged after the 10/29/2009, please call and speak to a customer service representative. Please do not call back before 10/29/2009 as that will delay the process. Please respond promptly to any calls or requests that you may receive from us during this period. Lack of response will cause your workout to be delayed or cancelled. Thank you.
Information as of:	09/24/2009
Workout Stage:	Processing
Phase/Sub-Phase:	Active Processing

I have the same online status as you and also received the same notice a month ago. Today I received a notice of default. I have been on the trial mod since August and just got assigned to a negotiator today. I called BOA and they told me "not to worry"--easy for him to say. They basically said a different department handles the notices and they go out automatically after 1 month, 2 months, etc. The odd thing is that the customer advocate who told me that my my mod paperwork was with the negotiator didn't see anything on my account showing ANY letters being sent to me other than about the documents needed for a modification. I assured him that I received two certified letters--the intent and the notice of default. At this point, they would have to forcefully remove me from the home anyway cause I just hate moving

Slim Shavings · 10-26-2009, 07:12 PM

I got one of those 3 months ago. When I called the collector (scuse me "home retention expert" couldn't even tell me. One thing it said was they could come out and inspect. I begged them to come because the house is tore up inside and out from remodeling I started over a year ago. Since then all I have done is get the run around and find out that they have me as 22 months behind even though I faxed proof of pmt up through Jan30 09. I'm suppose to be getting a negotiator but they sent me a fourth request for financial info instead and I can't get online to my account.

I think they do this shit so you will at least stay and take care of the place until they decide. Wonder what they would say if I sent them a bill as "caretaker"

about 35000.00

AZOwner · 10-26-2009, 08:04 PM

I think that you should do that.

net 30
Caretaking Services: $35,000.00 Jan - Dec 2009

Tell them you were having billing system problems because of a sudden overload in business requests, so you will waive the interest, and if they don't pay, send them another invoice, with interest.

Thanks for the laugh!

pwrought · 10-26-2009, 11:24 PM

I have a 5 ARM loan and my payment from $1200 changed to $3000. I tried to refinance and found that my house is $160,000 underwater. To be able to refinance I had to come up with $100,000 in the day of closing. I told CW that it is impossible for me to have that money in just 2 weeks. They do not care for us.
Well, I could not afford my payment so I had to stop to pay my mortgage. Now I am 8 months behind and agreed to the Homesafe forbearance program with my investor Fannie Mae. I noticed I received a notice to accelerate after I pay my first forbearance payment. I called Cw and they told me to do not worry. I received a note of default 1 month after it even being on time with my forbearance payments. Decided to take to mediation here in Nevada. They laugh at me. I was told by CW attorney that the only thing they do is show up in court, but a loan mod. is not required. I end up having to put my house on the market for a short sale before the sale date so maybe I can save my credit report a little to be able to get back on my feet. That is why I told you to go talk with an attorney.

Housebroken13 · 10-27-2009, 06:01 AM

I got one on Friday, check out this thread to see how I will be handling it:

My latst letter to Bank of America - It's a doozy!!

I've also been in a forbearance program since September, and it ends in February 2010.

I called yesterday too and they said to ignore as well. I said that's BS! They said the letter was drafted before my forbearance was done. I said that's BS too, the Notice is dated October 16 and I got my forbearance agreement in August.

I'll be at the Post Office today mailing letters out to all types of agencies and contacts... I'm not dealing with these BAC bastards anymore....

DesertMe · 10-27-2009, 01:15 PM

Told me all the same stuff....Ignore NOD, ignore Notice to accelerate etc. etc..Right up until their agent came and changed the locks...Foreclosure sale date of 12/23/09. One hand does NOT know what the other hand is doing at BofA...They can have it...I'll rent and live within my means. Real estate in Southern California is in one word-TOAST..

Housebroken13 · 10-27-2009, 06:57 PM

Is it just me or does it seem like a wave of these was just sent out???

pwrought · 10-27-2009, 08:07 PM

Everybody is in the same boat.

Housebroken13 · 10-28-2009, 06:00 AM

Found a new number for Fannie mae:

For Fannie Mae invested loans
Contact the Servicer Support Center at 1-888-FANNIE5 (326-6435). Servicing specialists are ready to assist you 9:00 a.m. to 8:00 p.m. ET, Monday through Friday, or by e-mail below.

Housebroken13 · 10-28-2009, 06:48 AM

Some more Fannie MAe fax numbers and contacts:

Marianne E. Sullivan
Senior Vice President
Single-Family Risk Officer

Michael A. Quinn
Senior Vice President
Single-Family Risk Officer

(202) 752-7000 - Corp Office
1-888-FANNIE5 (326-6435) - Line for Servicers
Corp Office Fax: (202) 752-5023
Fax: (703) 833-5680

mimirayo · 10-28-2009, 07:24 AM

In MD you need to go to your Senators page and print out a form to give them permission to speak to others on your behalf. You then need to make an appointment with the HUD approved counselors. You may want to call the HAMP and HUD offices and get their guidance they may have the right people to speak to. Get as much as you can in writing.Sometimes when they know you have others involved they back off a little or at least talk to the other hand.

MD is a State where it takes a good amount of time to foreclose. Also most cases are judicial, and they do a loan audit after the sale to see if there was a plan in place at the time of foreclosure, this would void the sale. You can also do a pro-se request for stay due to the fact you are in the process of modification, if they were to list it for foreclosure
I live in MD and if there is anything I can help you with, let me know.

babsy · 10-29-2009, 01:45 PM

Thanks mimirayo for your response. I will definately follow up on this.

Patriot · 10-30-2009, 12:09 PM

Quote:

Originally Posted by Housebroken13

Is it just me or does it seem like a wave of these was just sent out???

Yes. Got one too. Same dates

jdale · 11-02-2009, 01:32 AM

babsy,
we are almost on the same situation. 2 months behind(sept & oct), recieved the same letter, and mod request under review.

Your request for assistance is under review. During the review process, a thorough examination and analysis of your loan will be completed. During this time, we may or may not need additional information from you. It is common that you will not hear anything from us during the review period, but please be advised that all collections activities have been temporarily suspended during this review period. We expect more information to be available on 11/24/2009.

highlighted in red, what does this means??

anyways, good luck and update us on this.
thanks,

mimirayo · 11-02-2009, 08:28 AM

This is a form letter, but it means they will stop the foreclosure (if you are in it)

babsy · 11-02-2009, 09:03 AM

I seem not to understand BAC. If all collections activities have been temporarily suspended means they will stop the foreclosure during the review process, why do they claim in their notice of Intent to accelerate letter that if the default is not cured by a certain date, foreclosure proceedings will be initiated at that time.

Housebroken13 · 11-02-2009, 09:13 AM

Quote:

Originally Posted by babsy

I seem not to understand BAC. If all collections activities have been temporarily suspended means they will stop the foreclosure during the review process, why do they claim in their notice of Intent to accelerate letter that if the default is not cured by a certain date, foreclosure proceedings will be initiated at that time.

LOL - That's what I said in my letter, probably why now the Legal Dept. is handling my loan. Still can't get anyone to call me back from the dept. either.....

Made my 3rd forbearance payment...

I will call them once more today then Fannie Mae will be my next phone call....

babsy · 11-04-2009, 05:43 AM

I have a negotitor now working on my file. What should I expect next. Any insight to this would be helpful. thanks.

jdale · 11-04-2009, 10:57 AM

congratulations!, one step closer!! so when did you find out about your negotiator?? did they call you? sorry i don't have any insight right now, i'm actually following you and basing my expectation from your experience.
anyways, wish you all the luck, and please do update us.
thanks,
jdale

babsy · 11-04-2009, 03:02 PM

I contacted the OOP yesterday and someone retured my call. They then assigned me to a negotiator who has been helpful. I have my fingers crossed.

babsy · 11-09-2009, 11:08 AM

Faxed in my updated financials last wednesday to negotiator and haven't heard anything since. What should I expect next and how long does it take for them to make their decision? Any insight would be appreciated.

10-26-2009, 03:49 PM	#3 (permalink)
pwrought Senior Member Join Date: Jan 2009 Posts: 88 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Notice of Intent to Accelerate That means that in your note that you sign at the title company says that you have a clause of acceleration and your lender can start the foreclosure in your house ASAP.Even if loan documents allow acceleration without notice to the borrower, lenders should send acceleration notices; otherwise, acceleration may not occur and the default interest, if tied to acceleration, may not apply. Lenders must ensure that their loan documents require default interest to apply not just on acceleration, but also specifically from maturity of the loan. Lenders could provide that default interest commences from the date of default rather than from acceleration (although it is not entirely clear whether such interest would be viewed as an unenforceable penalty under California law). Similarly, lenders could provide for automatic acceleration on default (although this approach could have unintended consequences, including causing loans to be classified as nonperforming and subjecting lenders to possible waiver claims if no immediate action is taken by the lender). Moreover, default interest did not apply to matured loans because the default interest clause in the notes was tied to the option to accelerate (i.e., the notes provided that default interest commenced from acceleration and did not state that default interest applied from maturity). Well to be more specific. Please contact an attorney because this notice means you may be getting a notice of default and eventually foreclosure.

10-26-2009, 07:12 PM	#6 (permalink)
Slim Shavings Senior Member Join Date: Sep 2009 Posts: 260 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Notice of Intent to Accelerate I got one of those 3 months ago. When I called the collector (scuse me "home retention expert" couldn't even tell me. One thing it said was they could come out and inspect. I begged them to come because the house is tore up inside and out from remodeling I started over a year ago. Since then all I have done is get the run around and find out that they have me as 22 months behind even though I faxed proof of pmt up through Jan30 09. I'm suppose to be getting a negotiator but they sent me a fourth request for financial info instead and I can't get online to my account. I think they do this shit so you will at least stay and take care of the place until they decide. Wonder what they would say if I sent them a bill as "caretaker" about 35000.00

10-26-2009, 08:04 PM	#7 (permalink)
AZOwner Senior Member Join Date: Jul 2009 Location: Phoenix, AZ area Posts: 326 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Notice of Intent to Accelerate I think that you should do that. net 30 Caretaking Services: $35,000.00 Jan - Dec 2009 Tell them you were having billing system problems because of a sudden overload in business requests, so you will waive the interest, and if they don't pay, send them another invoice, with interest. Thanks for the laugh! __________________ PETITION TO THE U.S. GOVERNMENT FROM AMERICAN HOMEOWNERS \| Petition2Congress \| Our Huffington Post Article: (leave a comment) http://www.huffingtonpost.com/richar..._b_342665.html

10-26-2009, 11:24 PM	#8 (permalink)
pwrought Senior Member Join Date: Jan 2009 Posts: 88 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Notice of Intent to Accelerate I have a 5 ARM loan and my payment from $1200 changed to $3000. I tried to refinance and found that my house is $160,000 underwater. To be able to refinance I had to come up with $100,000 in the day of closing. I told CW that it is impossible for me to have that money in just 2 weeks. They do not care for us. Well, I could not afford my payment so I had to stop to pay my mortgage. Now I am 8 months behind and agreed to the Homesafe forbearance program with my investor Fannie Mae. I noticed I received a notice to accelerate after I pay my first forbearance payment. I called Cw and they told me to do not worry. I received a note of default 1 month after it even being on time with my forbearance payments. Decided to take to mediation here in Nevada. They laugh at me. I was told by CW attorney that the only thing they do is show up in court, but a loan mod. is not required. I end up having to put my house on the market for a short sale before the sale date so maybe I can save my credit report a little to be able to get back on my feet. That is why I told you to go talk with an attorney.

10-27-2009, 06:01 AM	#9 (permalink)
Housebroken13 Senior Member Join Date: Jul 2009 Posts: 285 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Notice of Intent to Accelerate I got one on Friday, check out this thread to see how I will be handling it: My latst letter to Bank of America - It's a doozy!! I've also been in a forbearance program since September, and it ends in February 2010. I called yesterday too and they said to ignore as well. I said that's BS! They said the letter was drafted before my forbearance was done. I said that's BS too, the Notice is dated October 16 and I got my forbearance agreement in August. I'll be at the Post Office today mailing letters out to all types of agencies and contacts... I'm not dealing with these BAC bastards anymore....

10-27-2009, 01:15 PM	#10 (permalink)
DesertMe Junior Member Join Date: Oct 2009 Posts: 4 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Notice of Intent to Accelerate Told me all the same stuff....Ignore NOD, ignore Notice to accelerate etc. etc..Right up until their agent came and changed the locks...Foreclosure sale date of 12/23/09. One hand does NOT know what the other hand is doing at BofA...They can have it...I'll rent and live within my means. Real estate in Southern California is in one word-TOAST..

10-27-2009, 06:57 PM	#11 (permalink)
Housebroken13 Senior Member Join Date: Jul 2009 Posts: 285 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Notice of Intent to Accelerate Is it just me or does it seem like a wave of these was just sent out???

10-27-2009, 08:07 PM	#12 (permalink)
pwrought Senior Member Join Date: Jan 2009 Posts: 88 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Notice of Intent to Accelerate Everybody is in the same boat.

10-28-2009, 06:00 AM	#13 (permalink)
Housebroken13 Senior Member Join Date: Jul 2009 Posts: 285 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Notice of Intent to Accelerate Found a new number for Fannie mae: For Fannie Mae invested loans Contact the Servicer Support Center at 1-888-FANNIE5 (326-6435). Servicing specialists are ready to assist you 9:00 a.m. to 8:00 p.m. ET, Monday through Friday, or by e-mail below.

10-28-2009, 06:48 AM	#14 (permalink)
Housebroken13 Senior Member Join Date: Jul 2009 Posts: 285 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Notice of Intent to Accelerate Some more Fannie MAe fax numbers and contacts: Marianne E. Sullivan Senior Vice President Single-Family Risk Officer Michael A. Quinn Senior Vice President Single-Family Risk Officer (202) 752-7000 - Corp Office 1-888-FANNIE5 (326-6435) - Line for Servicers Corp Office Fax: (202) 752-5023 Fax: (703) 833-5680

10-28-2009, 07:24 AM	#15 (permalink)
mimirayo Senior Member Join Date: Nov 2008 Posts: 173 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Notice of Intent to Accelerate In MD you need to go to your Senators page and print out a form to give them permission to speak to others on your behalf. You then need to make an appointment with the HUD approved counselors. You may want to call the HAMP and HUD offices and get their guidance they may have the right people to speak to. Get as much as you can in writing.Sometimes when they know you have others involved they back off a little or at least talk to the other hand. MD is a State where it takes a good amount of time to foreclose. Also most cases are judicial, and they do a loan audit after the sale to see if there was a plan in place at the time of foreclosure, this would void the sale. You can also do a pro-se request for stay due to the fact you are in the process of modification, if they were to list it for foreclosure I live in MD and if there is anything I can help you with, let me know.

10-29-2009, 01:45 PM	#16 (permalink)
babsy Senior Member Join Date: Aug 2009 Posts: 30 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Notice of Intent to Accelerate Thanks mimirayo for your response. I will definately follow up on this.

11-02-2009, 01:32 AM	#18 (permalink)
jdale Member Join Date: Oct 2009 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Notice of Intent to Accelerate babsy, we are almost on the same situation. 2 months behind(sept & oct), recieved the same letter, and mod request under review. Your request for assistance is under review. During the review process, a thorough examination and analysis of your loan will be completed. During this time, we may or may not need additional information from you. It is common that you will not hear anything from us during the review period, but please be advised that all collections activities have been temporarily suspended during this review period. We expect more information to be available on 11/24/2009. highlighted in red, what does this means?? anyways, good luck and update us on this. thanks,

11-02-2009, 08:28 AM	#19 (permalink)
mimirayo Senior Member Join Date: Nov 2008 Posts: 173 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Notice of Intent to Accelerate This is a form letter, but it means they will stop the foreclosure (if you are in it)

11-02-2009, 09:03 AM	#20 (permalink)
babsy Senior Member Join Date: Aug 2009 Posts: 30 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Notice of Intent to Accelerate I seem not to understand BAC. If all collections activities have been temporarily suspended means they will stop the foreclosure during the review process, why do they claim in their notice of Intent to accelerate letter that if the default is not cured by a certain date, foreclosure proceedings will be initiated at that time.

11-04-2009, 05:43 AM	#22 (permalink)
babsy Senior Member Join Date: Aug 2009 Posts: 30 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Notice of Intent to Accelerate I have a negotitor now working on my file. What should I expect next. Any insight to this would be helpful. thanks.

11-04-2009, 10:57 AM	#23 (permalink)
jdale Member Join Date: Oct 2009 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Notice of Intent to Accelerate congratulations!, one step closer!! so when did you find out about your negotiator?? did they call you? sorry i don't have any insight right now, i'm actually following you and basing my expectation from your experience. anyways, wish you all the luck, and please do update us. thanks, jdale

11-04-2009, 03:02 PM	#24 (permalink)
babsy Senior Member Join Date: Aug 2009 Posts: 30 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Notice of Intent to Accelerate I contacted the OOP yesterday and someone retured my call. They then assigned me to a negotiator who has been helpful. I have my fingers crossed.

11-09-2009, 11:08 AM	#25 (permalink)
babsy Senior Member Join Date: Aug 2009 Posts: 30 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Notice of Intent to Accelerate Faxed in my updated financials last wednesday to negotiator and haven't heard anything since. What should I expect next and how long does it take for them to make their decision? Any insight would be appreciated.

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