My Strategic Default in Olympia Washington (1st BOA, 2nd Green Tree)

[stephanies]

Washington Walkers, if you currently live in your home as your primary residence, the new foreclosure law states that they must wait now for 150 days after you get the NOD to your Trustee Sale date. If you ask for mediation, it is best to do so right after you get your NOD, and then the mediation process will take around 80 days, the last time I checked, and they cannot give you the Notice of Trustee Sale until mediation is completed. So mediation takes you to 230 days from NOD. And if the bank changes the servicer on you, the new servicer has to start over, so if you start over and ask for validation of the debt, that will delay your NOD as well.. Good luck!

[LadyWalker]

LW, thanks for the info on your situation. Its a great help to all here to have so many scenarios documented. Clearly you want to move your assets to another bank ASAP. Denfiintely meet with an attorney. I met with one in Olympia for a one-time consult and it was well worth the $100 I spent for the information and peace of mind. Question...are you saying that you have an "Offset Mortgage" or are you just referring in general to the term "offset"?

I am so confused at this point...somewhere I read that, if your funds are with the lender that owns your mortgage they can, in fact, access any funds in their institution to cover your mortgage in the event of a default. Of course, I can not find that now! But, in answer to your question, SDIW, I am using the general term for 'offset'. I do not have have an offset mortgage, which I now know is a good thing. Thank you, again, for your help.

[LadyWalker]

Hey, Stephanies - as you can see, my problem is obvious...I posted my response to SDIW on your post. My kids tell me I should leave computers alone! I really appreciate your input. I can see where it may be advantageous to move my funds prior to seeing an attorney. I did not see that before, so thank you. I will continue to research, and thank you for telling me about the atty general's site. I appreciate your help.

[LadyWalker]

LW, thanks for the info on your situation. Its a great help to all here to have so many scenarios documented. Clearly you want to move your assets to another bank ASAP. Denfiintely meet with an attorney. I met with one in Olympia for a one-time consult and it was well worth the $100 I spent for the information and peace of mind. Question...are you saying that you have an "Offset Mortgage" or are you just referring in general to the term "offset"?

I am so confused at this point...somewhere I read that, if your funds are with the lender that owns your mortgage they can, in fact, access any funds in their institution to cover your mortgage in the event of a default. Of course, I can not find that now! But, in answer to your question, SDIW, I am using the general term for 'offset'. I do not have have an offset mortgage, which I now know is a good thing. Thank you, again, for your help.

[Washington Walkers]

LadyWalker, while I would be surprised if your mortgage lender could legally take funds you hold in other accounts to pay the mortgage default, I too recommend that you move your funds to another financial institution, preferably a smaller, local bank or credit union (BECU is a good one). It will be good for peace of mind at least, and the only downside is the hassle.

[LadyWalker]

Thank you. I have read so much conflicting information. Finding this site, and all of you, has been invaluable. I am moving to the credit union today and seeing the attorney next week. I appreciate your suggestion, and will gladly take it for the peace of mind. Thank you, again, for your response.

[dodoebird]

Yes sometimes the paperwork you sign for a loan and/or checking account will state somewhere that you give the bank autority to cover funds on overdrawn or delinquent accounts. This may be why some banks make you maintain a checking/savings account at their bank while you have a loan with them. Real example that I know of is my sister has a checking and savings account with Bank of X. Everytime she overdraws on checking account they will take funds from savings account to cover the overdraw.

I have read posts elsewhere that posters here have found the language in their loan and/or checking account records. Sorry, I don't have any links for you. If you are unsure then better to be safe than sorry.

[LadyWalker]

Thank you, dodoebird. All of the helpful comments I have received have compelled me to go back over my loan documents. I took the original mortgage out in 2006 with BofA. I applied for a refi in 2010, only to be denied by BofA. So, I refinanced, without any problems, with Lending Tree. Two weeks later, my new mortgage was bought by BofA! I could never obtain an adequate explanation as to why, although they turned my down for a refi, they had no problem purchasing my new loan! I now know that my accounts are the same as your sister's. Without your helpful comment, I would not have thought to check. I am traveling now, but first order of business when I get home is to change banks. I agree, better safe than sorry. Thank you so much, dodoebird.

[StrategicDefaultInWA]

You think I would learn by now in my walk to only answer if the caller ID is in my contact list. Anyway, answered the phone and the person said they were so-and-so calling on "behalf" of BOA. I immediately cut him off and said that I wasn't taking any calls and had sent out a Cease & Desist letter.....silence....Then he said, okay and thanked me for my time. So, the C&D apparently carries weight when someone is out of the loop causing this collector to immediately shut down his program. Still waiting, kind of expecting an NOD at some point.

I'm monitoring my credit each week and it had a slight up tick. I also receive monthly alerts that there has been credit activity. Its alway BOA or GT reporting my delinquency. I would be sad expect that I'm paying my credit down, keeping cash reserves and paying cash for things for the first time in years. Looking forward to a debt free 2013 and all that stands in the way is the mortgage! So kick me out now or later its all good to me either way!

[StrategicDefaultInWA]

All quiet with the C&D letters send and received and confirmed. Got a notice that I was very deliquent on my property taxes from the county. Just got a letter from BAC Tax Services Corporation on behalf of BOA. It informed me that they will be setting up escrow and paying the property taxes. However, this will increase my monthly mortgage payment and this will show up on my next statement. Am I worried? ....NOT........staying the course and cruising into the Holidays rent free.

[StrategicDefaultInWA]

Got another nondescript door hanger today. It was yellow, like the previous one. Had handwritten 1-800 number and the "Name" said BOA. I also received a notice from BOA stating that unless I call them right away, my property would be "referred to foreclosure". I say, cool!

[StrategicDefaultInWA]

Little more progress today. Got an alert from IdentityGuard (my credit/fraud monitoring service). Checked it and it was a report to Experian from Green Tree. The status of the alert was "Charged off as bad debt". So GT is doing the typical 180+ day write off for tax purposes and its possible that they are about to sell it to another debt collector. Who knows. Of course they have the right to sue me at any time within the statute of limitations.

I also heard that some of the big banks are putting a Holiday moratorium on foreclosure proceedings. Guess the "Mr. Potters" from the "Its a Wonderful Life" are having to give us "George Bailey's" a break for a few weeks. Anyway, not much else to report.

[katwalker]

Swell, i sure wish that they would get on with mine....

[Washington Walkers]

Interesting - we got the same alert for our GT 2nd yesterday, but it was with a different credit monitoring service (Equifax). Our alert reads "Bad Debt; placed for collection; Transferred to recovery, Charge off account." There was a second alert saying "Suit or Judgment - New." We haven't been served with a lawsuit yet, but I guess it is possible. We might be on the same timeline, SDIW, although I think you stopped payment slightly before we did.

[StrategicDefaultInWA]

Hey WW, ironically i just got that same alert today which read exactly like yours...Equifax and all. The odd thing is the date reported was for 11/12, so november. so it was late and out of order based on the yesterdays alert. so it appears that i might be one montth ahead of you. i did not get the judgement alert, but the week is young

[StrategicDefaultInWA]

Checked my credit score for the monthly update. I could really care less if its up or down, but its an interesting barometer. Missed my first payment in March 2012, my credit hit its low in September and has progressed back up in October, November and December. Its a very minor increase, but as high as 38 points back up on the Equifax report. It shows the Charge Off for Green Tree now. Anyway, just looking at Spring now for the earliest departure from my rent free living. I have every expectation that we should be 100% out of debt by then, well, with the exception of the Green Tree 2nd to deal with in the distant future. I have no plans to pay that back until I'm forced to, by lawsuit or as compelled by a great settlement of say 3-5%.

[StrategicDefaultInWA]

it was from fedex. had to have it redelivered. it was just an electronic deal-bobber i had ordered....crap...thought it was my NOD! then ironically the next day i get another of the non descript door hangers saying to call. its BOA. just waiting and thankfull we got through the holidays unscathed. we are looking at late spring or early summer for departing at the earliest. works great for us. just realized its been almost exactly one year since i stumbled onto this site....praise the Lord !!!!!

[Washington Walkers]

SDIW, don't know if you saw my post in my thread, but we got our NOD yesterday. Any news on your end?

[StrategicDefaultInWA]

Hey WW, thanks for the update. Sorry about not getting back to you sooner. No new news on my end. Your walk and mine are about as similar and close as far as timeline as it gets. So I'm thinking I'm not far behind. I'll keep you posted as soon as I know anything.

[StrategicDefaultInWA]

Well, could it be time for my NOD? I missed a certified mail delivery today and need to pick it up at the post office tomorrow. I will post an update tomorrow.

[StrategicDefaultInWA]

I was just another "here are your options" email, blah, blah, blah. I couldn't believe it, certified mail? Figured it was the NOD. Anyway, I wil just continue to wait. Maybe because its certified, its like the last one of those and the NOD is close behind?

[vantuckian]

I suspect its the bank doing CYA to ensure they comply with the DOJ settlement w.r.t. foreclosures. Certified mail means they have proof you got the (phony) "help" they offered.

[SunkenCondo]

SDIW & Vamtuckian--We received a similar "here are you options" letter via certified mail. I posted that in my thread. We too think it is a way of re-verifying that we are receiving all notices. We are about 17.5 months into this and no NOD yet....ugh...

[StrategicDefaultInWA]

Vantuckian/SunkenCondo...yah, its all about CYA. They have to follow process or risk future litigation. Ironically, I received another similar notice in the mail (not certified) just a few days later. Also, I had a visitor to the house yesterday. Occupation Inspector as far as we can tell. Its pretty much been the same guy. He left a door hanger and then vanished. Same gold hanger, with BOA on it and the 1-800 number to call. Its say's "IMPORTANT" at the top. I will file it with the rest.

[katwalker]

I was just another "here are your options" email, blah, blah, blah. I couldn't believe it, certified mail? Figured it was the NOD. Anyway, I wil just continue to wait. Maybe because its certified, its like the last one of those and the NOD is close behind?

I got one of those last week too. Here's to looking for the NOD...

[StrategicDefaultInWA]

Hey KatWalker, good to hear from you. Yes, cheers to waiting for the NOD...actually hope its a long time! I've actually received 4 of the door hangers to date. Seems like I got the last 2 pretty close together, like 2-3 weeks apart. The last one was kind of interesting in that my wife heard it being attached and it fell off, making a loud noise on the threshold. So she went to look and nobody was there. She didn't see him in out the front, nor did he come to the back of the house. So when I said he "vanished", I meant it kinda literally. Anyway, I don't know if you saw the post on LoanSafe from the Occupancy Inspector recently, but he said they would try to get a peek inside or ring the doorbell. Well, didn't happen on the last one.

[cgpjs]

We've been waiting for several months for our NOD....next month will be 18 months of no mortgage payments. We've received door hangers, people driving by and peering at the house, lots of mails threatening foreclosure, calls from local agencies "contracted with BOA", but no certified mail and no NOD yet. Last week, after being told several times we don't qualify for a modification since we turned down the lame offer they made, and after we "missed the last deadline we're going to give you" for short sale or deed-in-lieu, I got some communication from BOA inviting me to an event to "explore my options" for a modification, part of which read "walking away is never a smart idea".

[StrategicDefaultInWA]

Hey cgpjs, thanks for chiming in and the info on your walk! I realized that our paths haven't crossed yet. I think we've been posting in different forums...no matter. Yah, just when you think you have pegged the bank with a pattern, you realize its useless. The banks don't follow logic and clearly from your most recent communication, they aren't telling the truth! Sounds like a bold statement on my part, however, there are hundreds of good folk on LoanSafe that can set BOA straight...."Walking away is very often a smart idea". Right? I wonder how they justify their subsidiaries and divisions that "prune" bad leases and investments because they are toxic, then accuse us of being "stupid". Please!!!

Anyway, here is to hopes for many more months of radio silence from BOA...Cheers!!!

[katwalker]

LadyWalker, while I would be surprised if your mortgage lender could legally take funds you hold in other accounts to pay the mortgage default, I too recommend that you move your funds to another financial institution, preferably a smaller, local bank or credit union (BECU is a good one). It will be good for peace of mind at least, and the only downside is the hassle.

Many years ago when I was in college I had my checking account at the same bank that my mom had her mortgage. I received my financial aid disbursement and the next day it was nearly GONE. I investigated and found that she had missed her payment and the bank appropriated the funds from my account, I guess because we had the same last name and home address. NOT GOOD! Also probably not legal, but it happens.... be safe!

[StrategicDefaultInWA]

Hm, interesting concept vscntkI....

[StrategicDefaultInWA]

So I was working on my 2012 taxes the other night. I tried to log into BOA and GT to see my year end statements since I did pay some mortgage interest last year. I was locked out of both sites, which I kind of expected. So does anyone know if they will send me my 1098? I assumed they were bound by law to do so?

[TomEason]

So I was working on my 2012 taxes the other night. I tried to log into BOA and GT to see my year end statements since I did pay some mortgage interest last year. I was locked out of both sites, which I kind of expected. So does anyone know if they will send me my 1098? I assumed they were bound by law to do so?

Thanks for your post. A lender is required to furnish Copy B of this form to the payer by January 31, 2013

[StrategicDefaultInWA]

Cool, thats what I thought. I guess I need to check my mail this coming week and make sure I get that. Thanks for getting back to me on that Tom.

[StrategicDefaultInWA]

Well, I guess I jumped the gun. The tax form was in the mail today for BOA, just need GT. Althought, I'm happy to not hear from them anymore, or, ever again!

[StrategicDefaultInWA]

Well, its finally here. The NOD was thumb tacked to the outside of the house today. So we have at least 5 more months of rent free living. I'll take it. It will be interesting to see if it moves along the fast track 150 day time clock or if the NOTS takes longer. Either way, once we have the NOTS, we will officially start looking for a rental.

[vantuckian]

Glad to see you get the NOD. 150 days may allow them to get the house on the market during the summer, so it may go that way, but who knows what BOA will do.

[StrategicDefaultInWA]

Agreed. Just when you think you have them figured out, they do something different.

[StrategicDefaultInWA]

We also received our 2 certified mail copies of the NOD today. One for me and one for my wife. Presents!

[Washington Walkers]

We also received our 2 certified mail copies of the NOD today. One for me and one for my wife. Presents!

Welcome to the club! Do you intend to question the validity of the debt or request mediation? Or will you stick with the "no contact" strategy?

[StrategicDefaultInWA]

Right now, I'm sticking with the "no contact" strategy. We had hoped to get a year rent free and it looks like we are going to end up with at least 16 months. So, I'm happy. If we are having trouble finding a good rental, then I might strategically stall, but its unlikely. How about you?