Notice of Intent to Accelerate

[Gabriel_S]

Hi all, just got a note from Bank of America. Basically telling me I'm in default and if not paid by June 17th they will proceed with foreclosure process.

Now I'm only 2 months late on my mortgage but I was expecting something but not this fast. Anyways near the bottom of the letter it states .....

Your loan is in default. Pursuant to your loan documents, BAC Home Loans Servicing, LP may, enter upon and conduct an inspection of your property. The purposes of such an inspection are to (i) observe the physical condition of the property, (ii) verify that the property is occupied and/or (iii) determine the identity of the occupant. If you do not cure the default prior to the inspection, other actions to protect the mortgagees interest in the property (including but not limited to, winterization, securing the property, and valuation services) may be taken. The costs of the above-described inspections and property preservation efforts will be charged to your account as provided in your security instrument and as permitted by law.

It then says I have several options to avoid foreclosure like I can really afford any of them in these times.

Can anyone make heads or tales of this statement. I was under the impression if i included the home in BR they are unable to come after me for any charges ????????

I just got laid off work yesterday so I was really hoping to have more time!

[justbroke]

That is your official Notice of Default. It probably included a date to cure by. Once that date passes, then the Lender (BofA) can proceed with foreclosure in your State. They have to follow specific rules, and this is one part of the process.

What you should do is lookup the foreclosure timeline for your particular State. I have been waiting over a year for them to actuall foreclose on one of my properties! From the date specified on the Notice of Default, they need to retain a lawyer and then file a foreclosure lawsuit. That could take 30 days or so. Then once the summons is issued, you have at least 20 days from that before they'd ask for a summary (default) judgment -- which is really the answer period. Then they have to schedule the sale some 30-45 (or more depending on the State) days before they can sell it.

You can delay this, depending on whether it's a judicial sale or non-judicial sale (more difficult with non-judicial, but possible), by answering the complaint... but you should seek legal advice.

I'm just guessing, but you probably have at least 90 days from the date to cure (June 17th). (Total guess!) Even at that time after the deed changes hands, they'd then need to get an eviction order on you if you don't leave after the property (officially) changes hands.

All of my dates and figures vary by State and type of foreclosure.