How Long Is Too Long

[SF Condo]

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.

[MargaretC]

It is not unusual for BofA to take so long to foreclose. I received my NOD after 24 months and am still in house eight months later with multiple auction postponements.

I'm not familiar w/ WA state laws but there are some threads on here dedicated to Washington walkers (thread is entitled Washington Walkers) which you may be able to find by doing a search on loansafe.

Good luck!

[kaopr1]

I've posted in some other threads but thought I would chime in here as well.
I too am in Washington (Seattle) and also with Bank of America. As of today, I have not made a payment in 13 months and as of this posting, my credit score with both Credit Karma and Credit Sesame is "Excellent". I did just buy a new car to take advantage of my undamaged credit score and was able to get an excellent rate (replaced 10 year old car). Just opened a department store credit card yesterday to purchase a new bed (replacing 20 year old one) without any trouble (had cash but wanted to take advantage of $100 discount and zero % financing for 12 months).
So far, I've only received a NOI and am still getting about 5-10 calls a week.

[SF Condo]

Kaopr1,

Washington State Law is very clear that any debt collectors can NOT call you more than 3 times in a single week, period. You need to e-mail the Federal Trade Commission and e-mail the Attorney General's Office and notify them. They are in no way allowed to harass you to that extent. I kept detailed records of every phone call and once they reached the third call of the week, I made sure they knew if they called again I would file another complaint with the AG and FTC.

Here are some websites to save, just in case:

https://www.privacyrights.org/fs/fs2...htm#Washington

Revised Code of Washington, Title 19, Chapter 16
http://apps.leg.wa.gov/rcw/

Attorney General, In Debt? Know Your Rights When Dealing with a debt collector,www.atg.wa.gov/BlogPost.aspx?id=24992

File a complaint: www.atg.wa.gov/FileAComplaint.aspx