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Property Inspection Fee? BOA NJ

Discussion in 'Foreclosures' started by jesseg, Apr 4, 2013.

  1. jesseg

    jesseg LoanSafe Member

    Hi All,
    We are 7 months behind with boa. Just received our regular monthly statement and I noticed a $15 fee for a property inspection assessed in March. Any idea how close this puts us to being served with a foreclosure notice? If we do get served, how much longer do we have? I have not contacted the bank at all, we are leaning toward walking away. Any thoughts are appreciated. Plan on staying and saving as long as possible. Thanks.
  2. Colnago NJ

    Colnago NJ LoanSafe Member

    I would wander down to this thread and read it carefully. It has great info.

    http://www.loansafe.org/forum/foreclosures/45486-foreclosure-timeline-nj.html

    I don't think that you can predict your foreclosure timeline based on BoA conducting a drive by inspection. Those inspections are to verify occupancy. NJ just passed rules that unoccupied houses can be foreclosed faster than occupied residences. The inspection is just the bank looking for the low hanging fruit.
  3. jesseg

    jesseg LoanSafe Member

    Thanks. I will check it out. It's just that a couple years ago, when I was 10 months behind, I never even received a NOI. Then we were approved for HAMP. This was only able to reduce our monthly payment by $100, so again we find ourselves behind because of the high payment. This time, we got the NOI in December 2012 (after being behind 2 months), then I get this property inspection fee in March. So, I was thinking they are moving pretty quickly. Yet when I check the sheriff's sale listing every week for our county, there is almost never any BOA foreclosures on there. To me, that tells me that BOA is behind in foreclosure filings. Guess we'll see what happens.

    Thanks again for the reply.

    Jesseg
  4. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    This is very common when walking away and does not mean they are expediting foreclosure proceedings. Generally, once you fall 3+ months behind on payments your servicer is going to send a rep down to your home to verify it is being occupied. This can happen every 60 days or so while you are in default to protect the lender's interests in the home..
  5. jesseg

    jesseg LoanSafe Member

    Ok. Wasn't sure. Thanks for the info!
  6. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    No problem! Good luck and please keep us posted on your progress!
  7. racerboy

    racerboy LoanSafe Member

    This $15 fee is interesting. Ulinke a late fee, which you agreed to in the mortgage contract, this appears to be directly associated with the expenses of a foreclosure process, not unlike attorney's fee. Yet they have not filed a Complaint against you (or even a notice of intent). If you cured the deficiency tomorrow, would they expect you to pay this fee?
  8. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    You make a good point Racerboy, and knowing these banks, YES I would expect to have to pay those property inspection fees as well..
  9. jesseg

    jesseg LoanSafe Member

    Hi,

    Let me clarify - Yes, I have received the Notice of Intent during this period of non-payment, which has been 7 months. I never received an NOI during the first time I fell behind with my mortgage (I was 10 months behind then when my HAMP mod went through). And, interestingly, I noticed that the $15 appeared on my statement as a charge, then as a credit :weird:. Not sure what that means, but the net charge to me is 0. I was just caught off guard by the fact that they apparently did some sort of 'drive by' inspection, because there was never any indication that they had come by (no note on door, phone call, etc.). I'm not sure that they have to notify you, but was surprised none the less.
  10. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    The bank is actually not required to notify you and every bank does the same once you have fallen behind on payments. This is their way to determine whether or not the property is still being occupied. If they determine it to be vacant, they will send a rep down to change the locks on the doors to help protect their interests in the property.
  11. chowder

    chowder LoanSafe Member

    BOA continued to charge us that fee despite us being current. Once Nationstar took over servicing, our payments dropped around $50.

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