Walking away,now what?

[hedgecat]

I don't know what BOA is like in Michigan but I received a "Notice of Accelleration" for the house in WA State in December (after 3 months of non-payment). When I called BOA about it, it was one of the times I got a native English speaker - who seemed helpful and kind. She said that it's a notice that they legally have to send out and that it doesn't mean they are about to foreclose on you. It's mainly to get your attention. When I asked her how soon they might foreclose on me (keep in mind, I want them to), she said it wouldn't be very soon - I didn't need to be worried about being kicked out of my house for quite awhile. Frustrating for those who want to give their homes back - maybe good news for those who want to stay.

Your best bet it is to call them - you may or may not get any answers. Believe me, you calling them isn't going to speed anything up. See if you can get a rep to tell you what the status is of your home and see what the notes on your file say. It's pretty much all the info they have and unless you're very lucky and get a rep who cares, you may not get a lot of other info.

Good luck!

We received certified letters Saturday from BOA. As of Saturday we were only one month behind so it was a little surprising to me since today is the new month and now we are officially 2 months behind. The paperwork is the threat of accelleration of the loans. After this comes the foreclosure right? I was hoping to be able to stay in here until July or August so that we may have a nice nestegg saved for the move. I realize it is a crapshoot as how long we will have but we can hope

[HakunaMatata]

We received certified letters Saturday from BOA. As of Saturday we were only one month behind so it was a little surprising to me since today is the new month and now we are officially 2 months behind. The paperwork is the threat of accelleration of the loans. After this comes the foreclosure right? I was hoping to be able to stay in here until July or August so that we may have a nice nestegg saved for the move. I realize it is a crapshoot as how long we will have but we can hope

You definitely have time to build savings (plus, don't forget, future rent will be less expensive)! From a strict foreclosure standpoint (excluding lender delays in action), the longest period of time during the process in Michigan is the Redemption Period. The majority receive six months. This means you have six months FOLLOWING the Sheriff Sale to remain in the property. You can also delay foreclosure in Michigan for three months by requesting modification negotiations with your lender's attorney (for some, this has become a legal "stall tactic").

Here is a Michigan foreclosure timeline overview (note: it doesn't include newer Public Acts that promote modification negotiations and delay foreclosure):

http://www.oakgov.com/chi/assets/docs/foreclosure_timeline.pdf

[broken64]

Thanks for the info Hakuna!!! Now with our situation of the chapter 7 bk and not reaffirming the mortgage we will not have to pay their attorney fees, correct. As I understand it, with our discharge also came the discharging of our house also, which means this will not apply to us correct?

[HakunaMatata]

Your lender will hire a local attorney to pursue foreclosure. You will not incur any attorney's fees if your intention to to leave the house. While your debt was discharged in BK, you can still exercise your right to modification negotiations. You surrendered the EXISTING terms of your mortgage in BK. You can pursue alternative terms. I surrendered my house in BK. I'm engaged in attorney modification negotiations. I don't have intentions of retaining my property. Public Acts are Public Acts.