I haven't made a mortgage payment for 2 years as of this month (after contacting an attorney in July 2010) I have not received any information regarding notice of default or intent to foreclose. All I've received is a bunch of "junk" from Bank of America telling me what options I had, but nothing of significance.
I haven't had a phone call from Bank of America in 6 months. My credit score shows no alerts have been added since December of 2011 (being past due 120+ days).
My situation is complicated. The condo I bought was involved in a lawsuit against the contractor who sold our units and this ended up being a 5-year process and during those 5 years, NO ONE was able to refinance or sell unless someone had cash-in-hand. I should also add that the contractor who sold us our units failed to provide disclosure. I personally went and asked for this paperwork on-site, but was given excuses or flat out ignored. I can tell you, if I had had access to the disclosure, I WOULD HAVE NEVER BOUGHT!!!
I have done research regarding my state's laws in regards to foreclosure (Washington State) and what I have found are estimates of 4-6 months. I'm at 24 months 17 days into this nightmare.
Are there laws regarding how long a person has to wait for foreclosure? I live at the property and Bank of America has my phone number so it isn't as if I jumped ship and disappeared. Are there ways to force the bank's hand to foreclosure quicker?
Also, as I have a non-recourse loan it is my understanding the bank cannot come and collect deficits between loan amount and what it is sold for at "current market value." However, I am aware that I will be responsible for fees associated with the foreclosure process. In all my research I can't get an estimate on what perhaps that amount can be. This uncertainty has basically paralyzed me financially. I would like to buy a new vehicle, but I don't want to put myself in a financial nightmare. I am saving up as much money as I can so when Bank of America forecloses, I can hopefully pay off the judgement in a relatively brisk fashion to avoid paying them interest and to start repairing my credit score.
Thank you for those who read this. I appreciate any opinions, thoughts, etc.