Bank of America Mortgage Foreclosure Process

Bank of America Home Mortgage Foreclosure Process And Timeline.

Bank of America (BAC) Foreclosure Process on your mortgage loan can be a challenging process for any homeowner. There are some valuable recommendations related to Bank of America Mortgage that you should know. It all starts when you miss your first home loan payment. If you miss a mortgage payment, the home preservation department will begin taking the first steps in the process of foreclosure.

What Are The Foreclosure Timeframes?

Ons should be kept in mind that foreclosure process of Bank of America Mortgage(BAC) differs from state to state and it can even differ from county to county. There are some foreclosure practices that govern the process in most states, for instance, you will be given a warning that informs you of your defaulting which will be received in writing if you default on your home mortgage loan payment with Bank of America Mortgage.

Notice of Intent (NOI) To Foreclose and Accelerate “Breach Letter”

After the issue of Notice of Intent To Foreclosure, a certain time period in most cases, about 30 days will be given after you have received the letter and thereafter, you become eligible for the foreclosure process to start.

the foreclosure process begins as the lender convey notice To accelerate And Foreclosure by sending a warning to the borrower stating that you are in default of their loan and that if you are unable to bring the account current that they will begin foreclosure. In some states, this letter has to be reissued. The timeline restarts over again if a payment is accepted by the servicer. Eventually, the lender will no longer accept anything less than the total due forcing the homeowner into foreclosure if they don’t catch the loan up.

People usually make mistake of ignoring when they receive a Notice of Intent is that they fail to act upon it and this works against their favor. The moment that you do receive an NOI, contact us as soon as possible to start seeking a resolution to your mortgage delinquency.

Another mistake that most people make when it comes to the Bank of America payment is that they think that the foreclosure begins after 90 days while in some states, it begins as early as 61 days,  (when your third payment comes due) and in some cases you have an expired NOI within the last 18 months.

Different Types Of Bank of America Mortgage Foreclosures

The type of foreclosure Bank of America Mortgage will do depends on the state that you are in and the county your property resides. Commonly two types of foreclosures that are completed by  Bank of America Mortgage; the judicial foreclosure and the non-judicial foreclosure.

Non-Judicial Foreclosure Process

Non-judicial foreclosure doesn’t go through the courts. It is just a process of filing documents with the local county. Bank of America Mortgage will call you in the first month asking you why you have defaulted on your payment. When you miss your second payments, Bank of America Mortgage will issue you an NOI. When you miss your third payment,  you will receive a Notice of Default (NOD) from whoever is the locally appointed trustee. At that time you can work either to clear your debt or else your loan will be accelerated. This is where we can step in and help you apply for mortgage assistance relief programs.

The non-judicial foreclosure begins when the Notice of Default is fired off by the trustee to the county recorder’s office. Once this is done, the foreclosure process is officially underway.

Notice of Default (NOD)

when starting the foreclosure process notice of default is the first official document filed.  In the state of California, a lender can only file a Notice of Default once the borrower is 90 days behind. The NOD contains information such as the name and address of the borrower, lender, and trustee. It also may contain the address of the mortgaged property, a description of the defaulted amount (past due payments), the action that can be done in order to prevent foreclosure, the date which the house can be paid for or cured by the borrower and a statement that denotes that the house will go up for sale if the default is not cured.

Notice of Trustee Sale (NTS/NOTS)

In most states, to alert the public that the borrower is in default of the loan, a Notice of Trustee Sale in the front of the house is placed and that the house will be sold at auction. Along with placing a notice on the property, the trustee also does a publication in a local newspaper or in any public documentation that gives notice about your default. As the homeowner, you may receive a notice of sale, a notice of default that is followed by a notice of sale or even see the notice by publication.

Once that has been accomplished, then a date and time are set and your house will be sold to the highest bidder.

Judicial Foreclosure Process

In judicial Foreclosure Process, there are some basic steps that one should be aware of.

Once you miss your first payment, it will call you to remind you and ask you when you will be sending payment. Once you miss the second payment, Bank of America Mortgage department will continue with their collection practice but will also issue the issue you a breach of contract letter known as the Notice of Intent (NOI). You have the opportunity to bring your mortgage current within a period of 30 days.

Bank of America Mortgage will proceed to hire an attorney to prepare a complaint against you. The complaint will be filed in the county where the house is located.

After the complaint has been filed, you will receive a court summons. You have a specified amount of time to respond typically about 20-30 days. You are given the option of filing an answer, if you are unable to do, you are allowing the lender a default judgment and hence, allowing your house to be repossessed possibly sooner. However, if you do file an answer and with the proper defense, you may be able to halt the foreclosure process.

Lis Pendens

Is a notice to anyone interested in the property that is currently pending litigation. Lis Pendens is Latin for a suit pending. It is a written notice that is concerned with a real estate property.  The court clerk files the Lis Pendens, certifies that it has been filed and then it is recorded by the county recorder. The Lis Pendens informs the owner of the real estate property that a claim has been entered for the property and at the same time, the Lis Pendens informs all the buyers who are interested in the property that they are a potential claim against the property.

Power of Sale

In the lawsuit, the attorney will be asking the judge to grant a power of sale which means they can set a foreclosure sale date on your home.

In the event that the lender won the case that was filed against you, then a date and time are set for the house to be sold to the highest bidder.