Posted on: 07th Aug, 2011 08:01 am
after chapter 7, three years ago i have been paying my mortgage on time never missed payments for 17 years. i have a an Arm on the equity and a fixed on the mortgage. The ecomony situation has taken a toll on me and now my husband who pays for the utilities and food is at a breaking point and divorce looms. I have been hounding Bank of America to assist for for one solid years and spent many hours with different departments trying to get help and sent to the wrong department . Bottom line is because I am not delinquent on my home I do not qualify for any govenmernt help.
My solution I have come to is not to pay my motgage or equity until they come and get me out. In the meantime (i am 78) maybe I can get some money together before I die to at least have some pieace of mind and buy one of my many grandchildern birthday present or Christmas gift.
how long to you think I can go before they come and get m??????
My solution I have come to is not to pay my motgage or equity until they come and get me out. In the meantime (i am 78) maybe I can get some money together before I die to at least have some pieace of mind and buy one of my many grandchildern birthday present or Christmas gift.
how long to you think I can go before they come and get m??????
please help me
Hi vickie,
If you do not pay off your mortgage debts on time for around 3 months, then the lender can start pre-foreclosure proceedings and take steps to foreclose the property in order to recover the debts. Did you contact your lender for loan modification? This might help you in saving your property from foreclosure.
If you do not pay off your mortgage debts on time for around 3 months, then the lender can start pre-foreclosure proceedings and take steps to foreclose the property in order to recover the debts. Did you contact your lender for loan modification? This might help you in saving your property from foreclosure.
If you live in a non judicial foreclosure state then the time line is 90 days of consective missed payments, then a notice of default would be issued. Once the NOD has been posted for 90 days, then the lender can post for trustee sale. They will post the sale for 21 days in the paper. Once the 21 days is up, they will have a foreclosure auction sale. You would have 5 days before the auction sale to redeem the mortgage. Once the home goes to auction, someone will either bid on the home and become the new owner, or there are no bids and the home goes back to the bank as REO. Either way, the new owner will contact you and arrange for you to move. If you did not move, then the owner will issue a 3 day notice to quit. Once the 3 day notice is served, and you dont move, then the owner has to file for eviction, which is another 5 day notice to respond. With no action to repond, the Sheriff will change the locks. You can challenge the eviction for more time. The total time frame can be 6 mos to over a year. If you live in a judicial foreclosure state, the time frame to foreclose is even longer, as the lender has to actually get a court order to foreclose.
The government programs have guidelines that allow for assistance if in default or IMMINENT DEFAULT.
You would neeed to be able to verify that you are in IMMINENT DEFAULT.
Get to the correct department at Bnak of America if you can document that you are in IMMINENT DEFAULT.
You would neeed to be able to verify that you are in IMMINENT DEFAULT.
Get to the correct department at Bnak of America if you can document that you are in IMMINENT DEFAULT.
Assume Mr and Mrs did NOT reaffirm, it interesting how the Ch 7 plays. Can B of A even DISCUSS a modification since this might be ruled a "collection activity"?
Hi Guest!
Welcome to forums!
The lender will not be ready to discuss loan modification as the loan has not been reaffirmed in the bankruptcy filing. As the loan has not been reaffirmed, the borrower is not personally liable for the payments. As a result the lender won't modify the loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The lender will not be ready to discuss loan modification as the loan has not been reaffirmed in the bankruptcy filing. As the loan has not been reaffirmed, the borrower is not personally liable for the payments. As a result the lender won't modify the loan.
Feel free to ask if you've further queries.
Sussane