Acceleration Warning Letter

[nioka]

I am in TN and a few weeks ago the bank was granted a relief from the stay.

Today I got an Acceleration Warning letter from my bank. It came standard mail.
It states, "if you fail to cure the default on or before 7/30/14 the bank may accelerate the maturity of the loan."

I have already got the Letter of Default. I am shocked at how slow this is going and I have received other letters with various warnings via standard mail. I assume anything that comes standard mail is informational.

BTW, my chapter 7 discharge should arrive somewhere around 7/12/14.

From the meager information I have found about Tennessee foreclosures I think the bank can complete a foreclosure in 90 days once they decided to go ahead with the foreclosure. Today's letter states that the bank "may" initiate foreclosure. It is very difficult to get a feel for when this foreclosure will take place.

[justbroke]

Well, at least they are lining their ducks up.

[LadyInTheRed]

One thing I've learned since I joined BKforum and started reading stories of foreclosure experiences is that a bank being slow to foreclose is not at all shocking.

[panda]

Yep, because sometimes, like in my case, it is shocking when things FINALLY do move along, after waiting for over 3 1/2 years for any sign of movement and all but praying for a foreclosure.

[nioka]

panda,

3 1/2 years, wow, you must have been going crazy.

I find it nerve racking to wait not knowing when the foreclosure will begin.
All I can do is to keep saving money and wait.

[freeatlast09]

We filed May/2009. Foreclosure finally happened earlier this month - so just a bit over 5 years for us.

During that time we received 16+ acceleration warning letters. To say these banks move slowly is an understatement.

Best of luck to you.

[panda]

nioka, still waiting for the end, hoping it is in sight, we finally passed through the judicial proceedings where the courts allowed BOA to proceed with foreclosure on 4/4/14, where a commissioner was appointed to sell the house within 100 days, which would be 7/19/2014, but he has yet to advertise the home for three consecutive weeks, so it looks like it will have to go back to court for another extension.

We have not lived in the state where the house is for over three years, the house has been vandalized beyond belief, with nearly every window broken out of it, everything of any value has been stolen, and the jungle is taking over everything else (this is in the very abundant area of rainfall in Hawaii) . BOA does have there own force placed insurance on the house showing it is unoccupied so we are beginning to think maybe they are going to fix it so they can sell it, as they did charge my account for estimates this last month. Who knows, the only reason I even give a damn is the stupid place still has our names on the deed, but alas a turtle moves faster than a foreclosure does sometimes.

[nioka]

I am amazed to read the posts here. It makes me wonder if all these notifications really have any meaning.

Yesterday I got a copy of the Acceleration Warning letter sent via certified mail. It was a copy of the same letter that I received last week via standard mail. That just doesn't make good sense to me.

[justbroke]

It is called "service of process". There are many owners that will, when the foreclosure lawsuit begins trial, move for summary judgment for a dismissal because they were not properly notified under a.) the terms of the mortgage (so-called paragraph 22 issue), and b.) the State's foreclosure laws were not precisely followed.

Sending via regular mail, allow the mail to be forwarded. Sending certified mail allows them to prove delivery.