BOA Law Firm Restricted letter

[broken64]

We just received a restricted letter from a law firm hired by BOA with notification of Foreclosure starting. I did call the firm this morning to inform them of our BK discharge and that we did not reaffirm the house. She told me that there is a 24 day time frame before the house goes to sale. I thought it would be longer than that but guess not. She told me that I can continue to contact them to find out exactly when it goes to sale, when it sells and even who buys it. I thought that was a little strange, I really don't give 2 sheets as to who buys it. My main concern is of a true timeline as to how long we can milk out staying here. I am hoping my son can finish this year of school in this house, which is middle of June.

[AngelinaCatHub]

If you refuse to leave, it will take at least another month to have them sue you for eviction. That should get you past school days. They may be blowing smoke as well as I'm sure your house is not the only one to sell off. 'Hub

[broken64]

Wow, I really thought the process took longer than that. Well, I guess we better start going through things now and be prepared. Hopefully we can find a rental or my mom will be having some house guests for a little while

[flower04]

Is this your NOD letter? In our state, we have 90 days from that notification, not 24 hours. We are in OR, what state are you in?

[broken64]

This was a letter from a firm that BOA hired to start foreclosure proceedings on us. According to this firm that there is 24 days from the date the letter was mailed, which was April 2nd, to when the house is listed for sale. I don't quite understand it all, just going with the flow right now. We were dishcharged Chapter 7 and never reaffirmed the house. Basically, I called them to make sure they had that on our information so that they knew it was discharged in the BK and we are now at the point of surrendering the home because of our financial status. I was also fishing for some kind of a time line as to when we would have to vacate the premises.

[Tom_Mi]

The other people from Michigan need to step in...but I think you have longer than that.

Is this letter your first one from a law firm for BOA? If so it sounds like your NOD (notice of default). I just got my NOD last week. Here's our expected timeline:

-Call a housing counselor listed on that letter. Schedule a meeting to rework etc the loan. (do it EVEN IF you're leaving!). By scheduling this meeting properly and notifying the law firm, Michigan Law will HALT THE PROCESS for 90 days. (that's about july 4th).

- Then they can schedule the sale which would probably be late july.

- Then your 6-month redemption period begins.. and this should take you to about January.

I'm hoping to be here until about Feb.


IMPORTANT: You only have about 10 days to call the counselor and setup the meeting. After that you lose the 90-day right, but you still have a 6-month redemption period.

[Tom_Mi]

Update, I called the law firm and got my 90-day stay.

I just said "I'd like to pursue a modification, arrange a meeting and bring a housing counselor with me. What is the process?"

The law firm lady said: "ok, I'm putting your account on 90-day hold, and we'll send you a packet to fill out".

done!

I'm going to take a stab at modification, but it will fail because I'll demand the hamp-based principal reduction. After it fails, though, I get the opportunity of judicial foreclosure...which you can challenge.

[Mensa1]

Stop right there broken64... You have way more time than the law firm is leading you to believe. Just because someone buys the property at foreclosure sale doesn't mean you need to move; not in MI. MI is one of the states that has a rather lengthy redemption process; usually 6 months after the completion of the sale process. So when the law firms said they would let you know who buys the property that info could be helpful to you in establishing your timeline for vacating the property, but certainly not for another 8 months or so, at a minimum.

Do not willfully vacate your home at any point during the process or this could terminate your redemption period. You can do a little reading on the subject here: Mich Foreclosure

[broken64]

Thanks so much for the responses, I really appreciate it. It is a relief to know that we will have a little more time to get all our ducks in a row so to speak. I had a small panic attack when she told me 24 days because I was thinking "what if by some freak of nature it sells right away" BOA has been calling my cell like crazy yesterday. I am surprised by this because they have it noted on the billing they sent us 2 days ago that we are to contact this law firm not them. When I see their number I don't know if I should answer it, and if I do answer it, what should I say? What a process, thank God we didn't even try to reaffirm this house in the BK! I am so done with BOA!

[Tom_Mi]

Broken, if you want the 90-day extra time....*you must* call them asap to schedule the mod-request meeting.

You only have 14-days from their mailing (not your getting the letter) to ask for it...or you lose your legal right to it.


Look 3/4 down the letter for a section about counselors etc. You'll see a number to call (it will probably be the law firm, not BOA).

[broken64]

The problem is that I have already spoken to them and that is why we only have the 24 days. I was unawere at the date I received the letter to use a stall tactic with the meeting. I told them I was not interested in keeping the house and did not know I should request the meeting. I guess in my eyes it was why bother when I did not want to deal with it anymore, not knowing that this could increase my time. I thought if I had a meeting to mod then we would have to follow through and my fear of that, I told the truth that we did not desire a meeting because we were not going to stay. Stupid me, now I really messed up and sounds like the time just shortened again!

[Tom_Mi]

well, if you're past the 14 days I don't think you can prevent the 'sale'.

...but that sale doesn't mean you're moving. The sheriff sale is 99% likely to be boa buying it back from themselves. You'll then have 6 months 'redemption period' to sit (free), move, save, or find funding to refinance.

[broken64]

Well Tom, you just made my day again. Ok so no matter what we should still be able to live here at least until the end of summer it sounds like. Good God what a roller coaster of emotions this all is.

[Mensa1]

The calls from BofA may well be someone in loss-mit wanting to negotiate a cash-for-keys settlement. They pay you 3500 bucks to move out after the sale as opposed to waiting for the end of 6 months redemption. Of course if that were the case and you divided the 3500 by 6 it would equal just under 600 per month, so the question might be, can you replace the living unit for 600 mo in rent? Probably not or at least not for less, so you are likely better to exhaust your 6 months redemption rights.

Depending on what price the property brings you could have third party investors offering you some cash for a deed after the property sells at foreclosure sale. If so, don't be surprised by this... and if the number were substantial enough you might consider the offer(s) too.

[broken64]

Wow Mensa!!! More food for thought:-) I am a little confused about the possibility of the third party investor thing, wouldn't any money they possibly would offer go to BOA?