Notice of Intent to Accelerate

[lorrieduke]

Husband and I have not made a payment on our mortgage since April 2009. September 2009 our chapter 7 bankruptcy debts were discharged and in that bankruptcy we included the mortgage. Today, we recieved a Notice of Intent to Accelerate from Bank of America. It says if the default is not cured by December 23, the mortgage payments will be accelerated with the full amount remaining accelerated and becoming due and payable in full and foreclosure proceedings will be initiated at that time.
I dont exactly know what it means other than the obvious (if that makes sense) because I thought in the state of California we are suppose to be served with a Notice of Default and given 90 days (called the redemption period) and then served with a 21 day notice of sale.
Question - do we have 30 days instead of the 90 and if so why? I dont get it. I don't understand.
Can someone please help??

[DeadManCrawling]

Notice of Intent to Accelerate comes before NOD in many states. It is a legal requirement in many jurisdictions, and paves the way for the NOD. Sometimes, though, they are combined in one letter.

For instance, I am in Florida. I stopped paying in January 09. I received the Accelerate letter in March. The NOD, the serious paper, arrived in November.

In our case, the acceleration served as a warning. I'm not sure if CA is the same, so you need to check up on it.

For us, it was the Accelerate letter in March, NOD in November, Lis Pendens at the end of November, all dates roughly within a few weeks-crappy memory.

Good luck,

-dmc

[Lajazz947]

[QUOTE=DeadManCrawling;353788]Notice of Intent to Accelerate comes before NOD in many states. It is a legal requirement in many jurisdictions, and paves the way for the NOD. Sometimes, though, they are combined in one letter.

For instance, I am in Florida. I stopped paying in January 09. I received the Accelerate letter in March. The NOD, the serious paper, arrived in November.

In our case, the acceleration served as a warning. I'm not sure if CA is the same, so you need to check up on it.

For us, it was the Accelerate letter in March, NOD in November, Lis Pendens at the end of November, all dates roughly within a few weeks-crappy memory.

This is what I was told:
[LIST]
The NOI is just a formality prior to the NOD
Are you trying to modify? They told me that once I get my NOI that this is when I call them to start the modification process.
If not modifying it is a crap shoot. the banks are so far behind that they can't move quickly.
I would call them and simply ask what the time frame is for the NOD.
The call will not move you to the head of the line and you will have some idea.


Good luck,

[lorrieduke]

So are you saying it may be just a warning letter and the notice of default is still to come? At that time we will still have the 90 days?

[slam22]

So are you saying it may be just a warning letter and the notice of default is still to come? At that time we will still have the 90 days?

In California the NOD is still to come for you. When that is recorded with the county in which you live 90 days will pass before they can file a Notice of Sale. When that is filed and recorded the earliest a sale may occur is 21 days. Realistically you have at least 5-6 months before you would need to be out of your house based on the dates you have given for the notice to accelerate.

[DeadManCrawling]

Now would be the time to talk modification, if that is your hope. Or to send RESPA requests if you intend to fight the foreclosure.

You will still receive a NOD in the future. When you do, you will have time to answer the complaint and slow things further, if that is your goal. Simply answering the NOD can grind things out too, buying time.

Foreclosure is very dependent on state laws, so read up on CA laws, particularly the anti-deficiency stuff, and especially if you refinanced.

[bulletproof77]

I unfortunately, still live in Southern California. Here's a brief synopsis of my foreclosure. Last payment 12/08. NOI received 03/08. At the same time filed Chapter 7 BK (mortgages included). Discharged 07/09. NOD filed with County recorder 09/23/09. 90 day redemption period begins when NOD filed. Was just served with NTS by certified mail. "New" auction date is now 01/21/10. Did not want any loan mod, moved out this month. Had no trouble renting. And they do not have to "serve" you with a NOD. In my case BofA merely sent it regular USPS. I had to check County Recorder's website to find out that they had in fact, filed the NOD.

[plantlvr]

I too just got my 'notice to accelerate', 14 months after no mortgage payments. Scared me at first because i thought I would have to leave real soon. But thanks to slam and bullet, I learned what that really is.
When you say 'answering the nod to slow things down further', do they even want to speak with me since I surrendered my mortgage in my bk?

[calgirl67]

I too just got my 'notice to accelerate', 14 months after no mortgage payments. Scared me at first because i thought I would have to leave real soon. But thanks to slam and bullet, I learned what that really is.
When you say 'answering the nod to slow things down further', do they even want to speak with me since I surrendered my mortgage in my bk?

What is a slam and bullet?? And what state are you in, we are in CA

[plantlvr]

Slam and bullet are two members that told me what the notice to accelerate meant.I'm in Cal too, we're practally neighbors,I'm in Turlock south of Modesto.

[Stilltheone]

I too just got my 'notice to accelerate', 14 months after no mortgage payments. Scared me at first because i thought I would have to leave real soon. But thanks to slam and bullet, I learned what that really is.
When you say 'answering the nod to slow things down further', do they even want to speak with me since I surrendered my mortgage in my bk?

14 months? Good God, I receive one almost every month from Bank of America when I am 40 days late!

[flnybk]

I am waiting to hear responses to plantlvr. I was discharged from BK chapt 7 in July. Stopped paying the mortgage Sept 1st in FL and wanted to know a "time line" for a NOI and a NOD. Anyone know?

[DeadManCrawling]

In Florida:

Some depends on which lender is involved.

I am in Tampa area. Here is my timeline thus far:

Stopped paying mortgage January of 09.

Notice of Intent received March 09.

NOD received November 20 or so, 09.

BK Filed November 30 09.

I didn't file BK to slow the foreclosure. In fact, I hope it quickens things. Hopefully the lender will file for relief from the stay and then keep the ball rolling.

My reasons for filing were unrelated to the FC. Lender was CW, now BoA.

[flnybk]

In Florida:

Some depends on which lender is involved.

I am in Tampa area. Here is my timeline thus far:

Stopped paying mortgage January of 09.

Notice of Intent received March 09.

NOD received November 20 or so, 09.

BK Filed November 30 09.

I didn't file BK to slow the foreclosure. In fact, I hope it quickens things. Hopefully the lender will file for relief from the stay and then keep the ball rolling.

My reasons for filing were unrelated to the FC. Lender was CW, now BoA.

Was your NOI or NOD served by a sheriff?? I consulted a lawyer two months ago who said a sheriff would show up to serve the notice and then we had 20 days to bring the notice to him (my lawyer) so he could stop it and try to work out a modification, stall them or speed it up. Whatever we wanted to do.

[flnybk]

I also don't know what to do if they show up since the house is in my husbands name. Can they serve me? I don't want them to show up at his work!!