Notice of intent to accelerate

[Gabriel_S]

Hi all, my BR chapter 7 went through last March. I never re-affirmed my home nor made any payments since last April. Just got a notice of Intent To Accelerate from BA. I'm a student now with hardly any income. Was really hoping i could get through this until i finished my classes next DEC. Really starting to freak now. How long do i have before they repossess my home? My only income is from unemployment due to being layed off last may because of the economy.

It says if the default is not cured by January 30, 2010, 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.

Living in Wa state btw.

Gabriel

EDIT: Just checked my records and this is the 2nd Notice of intent to accelerate Note I received. The 1st was last May I believe.

[jlmaca]

They must proceed thru Washington State foreclosure proceedings. Generally it takes 120 days during normal times. I'd think now under current economic foreclosure crisis banks are running behind and the average is somewhere around 6 months.

[Gabriel_S]

hey, thanks for the reply! I'm kind of perplexed though, this is the second notice of acceleration they sent me. Is this normal or maybe this was meant as a NOD?

[jlmaca]

hey, thanks for the reply! I'm kind of perplexed though, this is the second notice of acceleration they sent me. Is this normal or maybe this was meant as a NOD?

I'm not an attorney for sure.... I do believe a notice of acceleration is similar to a NOD. Check your notice and call the phone number listed and ask them their specific intentions. I did this and they were very kind and helpful and clueless. They did'nt even know they had a relief of stay and could go forward with the foreclosure process. So I play dumb and just continue to live here for free.

[overspent]

I've received one too. I don't think is a NOD. NOD is sent by certified mail and say NOtice of Default in the letterhead and needed to be recorded.

[DeadManCrawling]

I received a Notice Of Intent To Accelerate every month from January-October. In November BoA finally sent a notice of default.

You could be in for a long wait. Or it could be sooner than you like. No way to tell, but the Accelerate notice is only the first step in a fairly long process.

There are ways to delay the matter, and a search on here and google will reveal all sorts of methods. Some work, some do not, some work in certain cases. Only you, and your attorney, can sort it out. You do not NEED an attorney, but some of the filings can get intricate and are totally ineffective if not worded properly.

Good luck, you may make it to December anyway.

[Gabriel_S]

Thanks so much for the replies everyone. Yeah I suppose the time frame really is a crap shoot these days with all the pending foreclosures, the economy and late payments. Sad thing is, i tried to do a re modify on my mortgage last June and BoA flat out turned me down and was as rude as rude can be.

Wishing everybody a great 2010!
Gabriel