Notice of Intent to Acelerate- Advice needed!

[eventsdj]

After my post about not hearing anything.. today I recieved the notice of intent to accelerate from BOA (we are in Wisconsin).
We have till Aug. 5 to cure the default (which will not happen) or payments will be accelerated, and forclosure proceedings will be initiated at that time.

Ok, so what boat am I in now? What stage of the game is this? Any input appreciated!

Should we contact them by Aug 5th and tell them we'd like to try a mod.. or DIL?
I have no idea what I'm doing.. but it would be nice to stay as long as possible!

Thanks!

[DeadManCrawling]

The acceleration letter is step two in the process.

1. Lis Pendens

2. Acceleration

3. Notice Of Default

4. Foreclosure can proceed

There can be HUGE amounts of time between these events, depending on where you are located and which lender is involved.

In our case, in FL, the gap between lis pendens and acceleration was about 5 months. The time between acceleration and NOD was 11 more months, on top of the five.

We are approaching month 22 or so, and they have not yet taken it further. Some states see much quicker timelines, though. The clock doesn't really start ticking until NOD, and then it can be hard to predict. For a couple hundred bucks you can answer the suit, which has to be done within 30 days, I believe, of receiving the NOD. That will likely extend your stay by several months. You can also download ready-made responses to use for this purpose, but I would make sure they really serve your purpose. It would probably be better to pay an attorney to write a response. Ours charged us $75.00. We ended up not using it, but it was inexpensive.

[calgirl67]

I got my Ch 7 discharge in June, got one of these letters yesterday from Wells Fargo. BUT WE ARE ALREADY IN THE MOD PROCESS with a dude from the Wells Fargo Mortgage BK Dept.

jeez...

[badhouse]

Bank of America sent me a notice of intent to accelerate months ago. It was an empty threat. Now they just send me hamp forms via fed ex every week.

It is entirely possible that the letter is meaningless and doesn't represent an intent to move the foreclosure process forward. I can't guarantee that of course. It's a weird time we are living in.

[eventsdj]

Well, we called the number listed on the notice.. and are getting our numbers together to see what they can do for us to make our home more affordable.

I'm not expecting anything.. just a stall in the process.

[shawna79]

We are in a similar situation just received a notice to accelerate August 12 2010. BK was discharged June 21 2010. We were in a forbearance aggrement starting December 2009
where we completed all payments on the exact date in the exact amount with confirmation numbers. As soon as we filed BK they will not speak with us and cancelled our forbearance agreement. They show we are behind almost 10,000 which can not possibly be we have not missed a payment. They have denied our loan modification 4 times over a year. They will not speak with us about a repayment plan until the BK has been terminated. We are not upside down in the house and my husband now has a new good job where we can afford the payments and we are not overwhelmed by credit card debt but there is no way we can come up with 10,000.00. Is anyone getting help out there? Why does it seem these lenders are a bunch of sharks feasting on our homes? Why are they not being penalized for taking advantage of hard working americans? We live in california and the lender is GMAC

[bulletproof77]

Well...because they ARE a bunch of "sharks" solely looking out for the BANKS interest, not yours. We are just numbers on a screen to them and when those numbers tilt in the banks favor, game over..They don't care about anything except bleeding the homeowner dry and then getting them out and getting the "bad loan" off their books..

[shawna79]

who is working in our favor? Where are these supposed Obama making home affordable plans? So many of our friends are in this same situation. When is the bleeding going to stop? I have little faith in our government and the lack of help we have been receiving. Whos going to tell my two little kids they can no longer live here or fish in there pond? What happened to the american dream? Shameful!!!!