New to Forum - Advise on "Intent to Accelerate" date

[rickp703]

Hello - 1st, I am very grateful to have found this forum, and hope that I can benefit from others knowledge - Thanks to everyone in advance!

My mortgage is currently serviced by Litton Loan (since early 2008). Right now I am currently owing approx $14K for my payment due April 1, May 1, June 1, and now July 1st as well. They have sent me a notice of default / Intent to Accelerate, which when I spoke with them the other day (regarding the loan modification in house) they have advised me I need to make a payment by July 17th in order not to have my file forwarded to the Foreclosure dept - I guess 7/17/09 represents 45 days from the date of the notice.

I had applied for a loan modification back in April and according to Litton Loan on 7/6/09 was denied the mod "Because I do not meet the investor guidelines". A letter was sent (according to them - in the mail) on 7/6/09 with the reason for the denial (which I cannot figure out why I do not qualify). I do not have the letter yet, so I'm unsure on the reason.. BUT I was told that I could re-start & re-apply for a modification as criteria change & I could be approved in the future (a long time down the road again, I'm sure). and of course, I am now going to use this great forum for advise on how to better handle the mod process.

Here is my question.... I really don't have the funds to pay a payment by 7/17; but would have the ability to pay (1) payment on 7/24. I want to be as proactive, but I'm worrried about my file being sent to foreclosure after the 7/17 date.

Here are my questions.

1. Are companies still forwarding files to start foreclosure, as I thought in Illinois there was a longer hold (especially when you are applying for a modification)

2. If my file does go to the Foreclosure dept & I make the payment on 7/24/09, will it come back out of that dept (I have a feeling once it's there - it stays there until the situation is corrected beyond just (1) payment)

3. In addition to applying for the Loan Mod... what else can I do to keep myself out of the Foreclosure area of litton loan... a special forebarence ... or at least a 1 week "stay" to get that payment in.

Thank you so much to everyone for your kind thoughts in advance... My goal is to save my home & I'm getting ready to gear up for the fight ! - Thanks again

[Evan Bedard]

Hi Rickp703 Welcome and thank you for joining the forum!

1. Are companies still forwarding files to start foreclosure, as I thought in Illinois there was a longer hold (especially when you are applying for a modification)

2. If my file does go to the Foreclosure dept & I make the payment on 7/24/09, will it come back out of that dept (I have a feeling once it's there - it stays there until the situation is corrected beyond just (1) payment)

3. In addition to applying for the Loan Mod... what else can I do to keep myself out of the Foreclosure area of litton loan... a special forebarence ... or at least a 1 week "stay" to get that payment in.

Below I have attached a couple of links to foreclosure laws in Illinois:
Illinois Foreclosure Laws - Foreclosure.com

Illinois Foreclosure Law

I'm not exactly sure if you will be able to get your loan out of the foreclosure dept with one payment. I suggest you contact BofA and do as much as possible to get that date extended till the 24th.

Here is the email of Barbara Dosoer, she has helped many members here get their process started in a timely and very professional matter:

Barbara J. Desoer
President Home Loans and Insurance
Bank of America
100 North Tryon St.
Charlotte, NC 28255
barbara.j.desoer@bankofamerica.com