got notice of foreclosure

[mjginsrq]

I recently received notice that Bank of America is suing me for non-payment of a mortgage. Needless to say I'm in a panic trying to figure out what to do. This is not my principal home but one which was to be a retirement home. I unexpectedly lost my job last year and after using my savings to continue paying on the mortgage while trying to rent it, ran out of money. I've talked to a few lawyers and I'm still unsure as to what route I will take. I do believe I was a victim of predatory lending but don't know if I will be able to afford a law suit. In the meantime I need to respond to the letter I received and the least expensive lawyer wanted $500 to write the letter. Is this something I can do myself? what should the letter contain? should I make any claims in the letter that I have reason to believe Bank of America acted in a predatory manner or just acknowledge receipt of the letter and say I'm consulting legal advice and leave it at that? I understand that I may also be able to request additional time from the court. I have to get this letter done this week and am stressing. thanks for any advice.

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Originally Posted by mjginsrq

I recently received notice that Bank of America is suing me for non-payment of a mortgage. Needless to say I'm in a panic trying to figure out what to do. This is not my principal home but one which was to be a retirement home. I unexpectedly lost my job last year and after using my savings to continue paying on the mortgage while trying to rent it, ran out of money. I've talked to a few lawyers and I'm still unsure as to what route I will take. I do believe I was a victim of predatory lending but don't know if I will be able to afford a law suit. In the meantime I need to respond to the letter I received and the least expensive lawyer wanted $500 to write the letter. Is this something I can do myself? what should the letter contain? should I make any claims in the letter that I have reason to believe Bank of America acted in a predatory manner or just acknowledge receipt of the letter and say I'm consulting legal advice and leave it at that? I understand that I may also be able to request additional time from the court. I have to get this letter done this week and am stressing. thanks for any advice.

Did you foreclose on the property ? How long has it been since you stopped paying if you haven't foreclosed ? What state is the property in ? I think you need to give a little more detailed info. Not sure what letter it is you need to write.

Sorry I couldn't be more help.

[mjginsrq]

i'm in Florida. I haven't made a payment for 11 months. had the property for sale for the past 6 months to try and offer the bank a short sale which they seemed to be encouraging me to do base of the correspondence with them. I guess they decided to go ahead and start foreclosure procedures. I must file a written response with the clerk of the court within 20 days of receipt of the summons or face losing my right to defend myself. in FL these cases are passed through something called a rocket docket" and a foreclosure could be completed in 60 days.

A Florida Court's 'Rocket Docket' Blasts Through Foreclosure Cases - WSJ.com

[we're_still_reviewing]

Originally Posted by mjginsrq

i'm in Florida. I haven't made a payment for 11 months. had the property for sale for the past 6 months to try and offer the bank a short sale which they seemed to be encouraging me to do base of the correspondence with them. I guess they decided to go ahead and start foreclosure procedures. I must file a written response with the clerk of the court within 20 days of receipt of the summons or face losing my right to defend myself. in FL these cases are passed through something called a rocket docket" and a foreclosure could be completed in 60 days.

A Florida Court's 'Rocket Docket' Blasts Through Foreclosure Cases - WSJ.com

I know that you are probably struggling to pay your other bills but if you feel like you were a victim of predatory lending I think you should hire a lawyer. Some law firms (call around) will give you an initial consultation for free. Go to more than one of them. Gather as much information as you can. Ask them what type of lingo you need to put in your letter in response to the Foreclosure Action.

Here are some things I found....

How a Lawyer Can Help
A lawyer can file to have the foreclosure temporarily postponed so that you can take control of the situation. Gather all contracts and financial documents that you have regarding your mortgage so that your lawyer can review your exact situation. He or she can help you identify whether the bank has violated any terms of the Truth in Lending Act. If you were forced into getting behind on your payments by high fees or penalties that you were not informed of, your bank may be in violation of lawful lending practices. This kind of information can be used as leverage in your case and can help you secure your home and renegotiate the terms of your mortgage.


*If you can not afford an attorney at all try calling your Local Bar and Legal aid office and ask them to refer an attorney to you.



Here is a non profit organization in Florida

Welcome to Florida Legal Services

Good Luck to you.

Keep us posted on your journey.

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Here's another link.

Pro Bono Resource Center

These are lawyers that work for free.

[mjginsrq]

I went ahead and submitted my letter with the clerk of the court. I kept it short but did indicate that I believe Bank of America engaged in predatory lending practices. I will attempt to contact a lawyer that works on a probono basis. Should I be proactive in this or waiting until i'm contacted by the legal firm representing BoA? What can I expect to be the next step or action I face?

[mimirayo]

You also need to detail WHY you feel you were a victim of predatory lending with the OCC. You can begin by getting a Qualified Written Request from the bank.

[mjginsrq]

what is the OCC? when you state that I can begin by getting a Qualified Written Request from the bank, how do I accomplish this?