Notice of Intent to Accelerate post BK Closure

[liboton21]

Hi All,

My case was finally closed in May 2010 filed in Jan 2010 in SoCal Central District. It was fun waiting for bk to close and thanks for this website for educating the public. Now my case was simple, I did not reaffirm my 1st and 2nd mortgage with BofA and I was able to negotiate with them thru NACA for a lower interest rate of 2% fixed for 1st and 3.25 for the 2nd while in BK. My house value right now was almost over half the price of what I purchase, almost over 50% underwater. I was current with my 1st but three months late on the second. Now I just received a NOI for the 2nd to cure the amount.

My question, since both of my loan were BofA, are they going to foreclose if I do not pay the second? I have until Sept 22 to cure the debt.

My plan was not pay and renegotiate to release the lien for 10% of $62000.00, anyone has the info for this?

Thanks in advanced.

[daytona]

I would be suprised if the 2nd actually foreclosed, probably a system generated "form letter" that matches an internal schedule they have for each stage of the deliquency... They could do it, but really dumb as you are paying on the 1st and they will take a huge loss that you are not responsible for...Don't take this as gospel, but I think it's highly, highly, unlikely they will actually foreclose the 2nd...

I think your approach is sound trying to settle the 2nd, as you are in a powerful position to negociate it and 10% is what I would target...they will likely hem and haw and might not do it, but you are no worse off than before....their only option is to foreclose which will be a 100% loss on 2nd and whatever percent of the 1st the home won't cover, plus all of their expenses in dealing with it...a really dumb move on the banks part when you are paying the 1st...