HELP Can BoA foreclose on purchase money loan on 2nd

[TomEason]

silverwesoke

Again, you've been posting questions about your 2nd on a bunch of different threads. I responded to one of those posts, listing links to the threads where you can find help.

Instead of searching and reading to find help, you continue to ask other members to spoon feed you with info and answers.

Why not just start your own thread?

[silverwesoke]

Tom .

I understand you are trying to keep these threads clean and I apprecate that. But I do resent it when you imply I am trying to be "spoon fed" by asking questions. I have spent literally days of my life reading thru posts on this site and it is not always clear which thread is the best.and some threads are closed to post to.

I am doing my best to post where it appears relevant to a current discussion going on. For example I have posted a 2 mp question on a 2 mp thread so I am not sure what the problem is you are having with it, and yet every time I post you seem to want to redirect me.

I would ask that you give me a break and allow some one to answer as Freedom won has just done, and I dont mind you referring me to other threads..if they are more useful and you really think I am in the wrong place.

But I ask to be treated with respect and not insulted over this...the same as I would give to you.

Thank you.

[freedomwon]

silverwesoke - Yes, it is an aggressive approach & NO, I haven't tried that in direct relation to a second. I have, however; sent this letter to BofA disputing validity of debt where my first is concerned. I never did get a response back from BofA. Just one more piece of evidence I have in my arsenal when the time comes. I wouldn't suggest it if I didn't feel it had merritt. And it just may kill 2 birds with one stone with BofA & the credit bureaus.

You may not need to do anything at all after the initial letter other than regularly monitor your credit reports. I suspect what BofA would do is sell the account to a different debt collector. In that case, you would continue your dispute with the new collector. That will require some work on your part, but depending on the $ amount you're disputing, it may be well worth it in the end.

I would encourage you to start your own thread to document your story. When you do, post a link on this thread so others know & can follow your thread, including me! If, you go the letter route as I suggested, I will help you along the way.

Unfortunately, it is against the forum rules to post e-mail addresses. I do realize you signed up in January, so you probably just forgot! It's possible it may get edited out of your post. Spammers come to the site regularly, so the rule was put in place mostly for members protection.

It's a big time commitment to do a lot of reading here, but you will learn so much from real people & their experiences. KEEP ON READING!!!

[TomEason]

silverwesoke

As I've recommended to you at least twice this morning, and as freedomwon advises, you need to start your own thread.

Other members are also noticing your omnipresence on Loansafe. This statement indicates you might be a remedial reader

I have spent literally days of my life reading thru posts on this site and it is not always clear which thread is the best

Furthermore, even though a thread may be closed, to wit the

Strategy For Settling Your 2nd

thread, all 3700 of the posts therein are still readable. All conceivable situations have been dealt with at least once; that's why I closed the thread.

If a member hasn't the time to browse all the posts (most don't), the thread search tool can be used to find an applicable post. Are you saying you won't take the time to do that, and that you're incapable of gaining information from a post without the ability of first posting a question?

[spiker54]

I have a mod on both 1st (Freddie Mac) and 2nd (BoNY) but can no longer afford the 2nd and my last payment was in April 2012. Don't qualify for principal reduction with DOJ cause I wasn't 60 days late as of 1/1/12 (how stupid - had I known I would have quit paying ages ago).

BoA sent a letter stating they were accelerating foreclosure and a rep says they can foreclose on the house even if my 1st is not at all late.

1st is at $288k and 2nd is $72k ($360k total). House is worth "maybe" $200k.

1st and 2nd is purchase money (80/20 loan).

Can they do this, or will they just sell of to a collections agency?

HELP!

[TomEason]

spiker54

Thanks for your post.

Yes, BOA can legally FC on your 2nd but won't since that loan is underwater.

I recommend you not worry about any letters you receive from your BOA 2nd, as those communications are only designed to intimidate a borrower into paying something. In actuality, BOA realizes it would indeed be fortunate to ever see any more money on that loan.

You can eventually settle that 2nd by following the guide at post #1 of Strategy for Settling Your 2nd

[spiker54]

How can they foreclose if the 1st is up to date. Wouldn't BoNY have to buy out the 1st to foreclose? What's the procedure if they do indeed foreclose?

[TomEason]

How can they foreclose if the 1st is up to date. Wouldn't BoNY have to buy out the 1st to foreclose? What's the procedure if they do indeed foreclose?

I say again, BOA could legally FC but won't since that loan is underwater.

I recommend you forget about it and seek to eventually settle by following the guide.

[spiker54]

Ok Tom - thanks. I have read your information about settling the 2nd and will follow that advice. That really is my only viable option. I have a mod on the 2nd, but increases after 5 years and ends in 20. When my 1st increases as well, that places me waaaaay past what I can afford as I am struggling to find any type of work and my unemployment has completely run out (hence the reason I can no longer pay the 2nd). Currently, I am renting my house to pay the 1st (can't afford to live there). If I can hold on for a few more years (and if SS does not run out) between my small pension and SS, I should be able to afford the first.

Thanks again