Spoke with BOAmerica today - Hope this info helps someone

[jmc]

Would some of you vets post any corrections to this that you may see? I don't want to leave bad information out there, but this is straight off of a phone call this morning...

Have 2 rental properties in exact same boat, both with Bank of America mortgages...

Last payment made was for 6/1...

Received "Notice Of Intent To Accelerate" letters on 8/17 with the "cure date" being 9/21...

Have called in every few weeks just to give status update....

The back of the letters mention 4 different options that may be at my disposal to fix the problem:
1) Repayment plan (STRIKE - rental properties and no job)
2) Loan Modification (STRIKE - rental properties and no job)
3) Sale of Your Property (we'll see....they've been for sale for some time)
4) DEED-IN-LIEU

I spoke with a rep a week ago and asked about DIL on 1 of the properties because - at best - it's worth what I owe. That rep danced all over the place about DIL, that they're rarely done (which I've read to be true....). Even after I "logic'ed" it out that it would be a better deal for the bank to DIL instead of foreclose I just got more B.S... I could tell I wasn't talking to someone who could make a decision so I ended the call...politely!

Thought I'd try and get another rep on the phone today and ask the same questions and they were very helpful and forthcoming (which caught me off guard). I'm thinking that after 9/21 I would start getting letters, foreclosure notices, etc, etc. But here's the timeline she gave me:

-On 9/21 they're going to send me another letter in which I have another 30 days to bring the loan current (I confirmed the "bring current" part as accurate...as opposed to PAY OFF THE NOTE)

-On 10/21 they're going to take another look, send another letter, and I'll have 60 (SIXTY) days to bring the loan current (I confirmed the "bring current" part again)

-On 12/21 - if not current by then - they MAY send the official notice of foreclosure, etc. - or not.

-If they did, I have another 30 days from then to bring current... which would be 1/21

This may be the normal scenario but sometimes reading it in a different way makes it make sense.

I'm still actively trying to fix the situation, but I've got more lead time than I originally thought.

[bulletproof77]

Bank of America doesn't have a clue....My last payment was 11/08...still no NOD. Received an intent to accelerate letter after 3 months, but as of today, absolutely nothing has been done. I have contacted their foreclosure department repeatedly, but they refuse to take any action and my BK is long over with. Just want the foreclosure to start, so the time period to buy another house begins. My experience with BofA is that they have NO idea how to deal with the large numbers of foreclosures.

[jmc]

bulletproof - is your property in one of the hard hit areas of the country (i.e. FL, AZ, NV, CA)? i'm in an area that hasn't been "hit" with mass depreciation and am wondering if the timeline you're currently on has to do with location and current market conditions or it is just BOA being overwhelmed (or inept) no matter what part of the country you're in

[bkw1nter]

I actually don't understand what Countrywide/BOA is doing first of all we were late on our Taxes so I was going to pay them but had to give the BK attorney 3k instead so I was planning on paying the late taxes after we filed which was in June of 2008. After we filed we kept paying the mortgage because I wanted to keep the house even though I am 150k upside down. In August we got a letter from an Attorney saying the Countrywide/BOA wanted to lift Automatic Stay and wanted to charge us all this money for late payments and lawyers fee because they took the money I had been sending them and paid the taxes.... this is when I decided to stop making payments.... So to make this long story short I paid my last mortgage payment in August 2008 however I was discharged in October 2008 and continue to receive monthly statements and continue to live in the house which is in Virginia I might add.

[frogger]

Some of the banks have got a little smarter about foreclosing. As long as you own the property, you're responsible for it. All of those city code departments love to write violations for overgrown lawns, peeling paint, broke windows, etc. When you're the property owner of record, all of that goes to you. When they foreclose, they're in the hot seat.

Look for foreclosures to pick up next year, but according to a well placed source that I have, they're not going to be very aggressive this year.

[brokeballer]

I'm not sure what to expect. I have BofA, and they seem to be one of the slowest moving banks, but I live in MO which is one of the fastest foreclosure states.

[bankruptsee]

This is good info considering dw and i are wanting to stop making payment and save all of it til we can move in her mothers rental/rent to own house in feb/march 2010.

the big question my wife had was about the whole "bring loan current" after 3+ months of non-payment... in case things didn't pan out for us

[bulletproof77]

Hi. I am located in Hesperia, CA. One of the hardest hit areas in California for foreclosures..20+% unemployment, new home tracts being torn down for lack of buyers. On my former block 7 out of 10 homes foreclosed. As of this posting, still no NOD...

[jmc]

This is good info considering dw and i are wanting to stop making payment and save all of it til we can move in her mothers rental/rent to own house in feb/march 2010.

the big question my wife had was about the whole "bring loan current" after 3+ months of non-payment... in case things didn't pan out for us

EXACTLY.... All I can say is I took the opportunity to ask the question on two different occasions. It was an interesting conversation.... and as a business owner myself, the thought that was running through my head as she was laying all this out was "Your boss would be PISSED if he/she heard you telling me this".... Because their whole goal at this stage is to scare you into paying up or at worst paying SOMETHING.... not - in essence - tell me that I really have "x" more amount of time than I thought I did.

Remember, I was calling about information on doing a Deed In Lieu - just seeing if it was an option for me. Initially she didn't want to talk about that, she just wanted to talk about getting CURRENT. I politely re-stated the obvious - "I WANT to be current, too, but have no job...." - and pressed into the DIL questions again. I think she sensed that she wasn't going to get anywhere with her normal talking points with me and said something to the effect that "we're a LONG way from having the DIL conversation..."

And then she went into the time line in my OP above.....