I am documenting my strategic default..... please help me with the process. I am not fully aware of the process.
1st Loan (Aurora) - first payment missed august.
2nd loan (BOfA) - first payment missed july.
Both loans are purchase money..... NEVER REFI'd.
Today I got a "Notice to Accelarate" from BOfA.
Heard nothing from the 1st loan yet.
What does this notice mean ? Are they moving ahead with the foreclosure ?
BOfA is a 2nd junior loan, which is completely wiped out due to low house value.
Can BOfA foreclose on the property ? I thought only the first loan can foreclose on the property and then the junior would be wiped out.
Please let me know.