Foreclosure Law Question for Virginia

[MommaofALT]

Hi everyone,

I have a quick question. Bank of America has placed my house in foreclosure. We have a pending sale date but our loan is in review for a Modification. The bank claims that 10 days or so before the sale date they will postpone it. I would like to write a letter asking them to postpone the sale date now. I have heard that it is illegal to foreclose on a property that is in review for a modification. Is this correct? How can I find the actual law that prohibits this so I can add that to my letter to bank of america and recontrust? I just don't trust bank of america as far as i could throw them and rather be proactive and try and get the sale date postpone sooner rather than later. 10 days before the sale date scares me to dealth!

Also- our mod review should be done a few days before the sale date (we were quoted 30-45 days for underwriting to get us an answer) I fear that bank of america will say "Nope- not approved" then the sale date is 3 days out or so and they refuse to postpone the date. I know at this point I could then appleal the discision... but I just want more cushion! Thanks in advance for any information you may have. I'll tell ya... I would be lost without this site and I wouldn't have a chance in heck at saving my house with out the information on this site.

[Evan Bedard]

I have a quick question. Bank of America has placed my house in foreclosure. We have a pending sale date but our loan is in review for a Modification. The bank claims that 10 days or so before the sale date they will postpone it. I would like to write a letter asking them to postpone the sale date now. I have heard that it is illegal to foreclose on a property that is in review for a modification. Is this correct? How can I find the actual law that prohibits this so I can add that to my letter to bank of america and recontrust? I just don't trust bank of america as far as i could throw them and rather be proactive and try and get the sale date postpone sooner rather than later. 10 days before the sale date scares me to dealth!

Unfortunately, there are no laws in place that force lenders to review the account for a loan modification prior to moving forward with a foreclosure. The rules for loan modifications under the gov't programs are just a set of guidelines and not actual laws the lenders have to abide by.. But you should definitely have a good chance getting the sale date postponed as most people in review for a mod at the time of sale are able to do so. I would make sure to put in a request with Recontrust as well as contacting the executive's office at BofA to postpone the sale. Keep in mind that they will not provide written confirmation that the sale date has been postponed..

BofA executive team
1-704-386-5687