8 months of no payments...any nothing????

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camk14

LoanSafe Member
Nov 3, 2010
9
0
0
Phoenix, AZ
I could use some advice. Here is a little background…purchased a home in the Phoenix area in April 2005 for $271K (100% financed 80/20), refinanced April 2006 (combined 80/20) and took $30K HELOC. First is serviced by BofA. Decided in July 2010 to walk and my first missed payment on both loans was August 2010. Since that time, I have settled with my HELOC and they have recorded a lien release this past week. Now here is my issue, I have not heard ANYTHING from BofA. I received phones for the first couple of months, but those have stopped. I received a notice of intent to accelerate in September 2010; a letter in late November 2010 stating my loan was going too referred to their "Foreclosure Review Committee." But nothing since then.

We moved out of the house in December 2010 and I am uncomfortable having the house vacant. Why is BofA waiting????? Anybody receive a NOT from BofA recently?
 

kc3452

LoanSafe Member
Nov 10, 2010
30
0
0
We are in the same boat! We stopped paying in December and received the same things you mentioned and since early February we haven't heard a peep out of BOFA!
 

Jackatkc

LoanSafe Member
Dec 14, 2010
15
0
0
Same here. Stopped paying both 1st and 2nd with them back in Dec. Had a hanful of calls from the second, 1 from the first, and nothing since Feb. I'm going to try and live rent free as long as I can. With my luck I'm sure I'll be getting a NOD in a few weeks though. :)
 

fighton

LoanSafe Member
Dec 10, 2010
87
0
0
Its a game all the banks are playing.. They prolong the foreclosure possible if it doesnt financially benefit them, so it looks better on their books and can tack on late fees, lawyer fees, etc the longer they can prolong it. Betcha if you were not underwater and had equity in the house they would be fast to foreclose. Goodluck and god bless.
 

CA_jp323

LoanSafe Member
Dec 28, 2010
61
0
0
Sacramento, CA
We are in month 4 of no payments, still in the house and no phone calls or letters here either. We're just waiting it out at this point.
 

maybe4closure

LoanSafe Member
Dec 29, 2010
7
0
0
CA-Central Valley
Just an observation... I'm in the central valley of CA too and I have been watching the Recontrust website for my county. I have noticed that the list of foreclosures has shrunk from 980 to 720 for Stanislaus County over the past 6 weeks or so. I haven't seen any new foreclosures posted on their site for that county. Is BofA using a new Trustee company? Is BofA just lagging? Anyway, has anyone else been watching Recontrust in their county? Since I'm in the same boat with BofA I just keep observing. Thanks.
 

alikeith

LoanSafe Member
May 19, 2008
881
0
16
I too am about 7 payments behind. I have made one payment in the last 7 months. I get phone calls everyday, but thats it. My home is now valued at about $35,000 less then what i owe. I am assuming this is part of the reason nothing has progressed. Thats fine with me. I want to try to get caught up.
 

fighton

LoanSafe Member
Dec 10, 2010
87
0
0
I believe the banks are purposely lagging because it is not in the best interest for them. If it was in the best interest of the bank they would forclose immediately. Some people have a theory that they are postponing the official final forclosure of the home until the end of 2012, so you will not be protected by some of the tax laws that end on 2012. If you plan to give up the home make sure you finalize it before 2012.
 

GAOinLV

LoanSafe Member
Mar 25, 2010
38
1
8
I'm in Nevada. Last payment was September 2009. 18 months worth of payments missed and nothing from the bank. I did send them a "do not call me" letter early on in the process. I get monthly mortgage statements, indicated amount owed, but those don't even have any harsh language on them. About 6 months ago I got a flurry of offers from the bank for "credit counseling." That's it. I like the "free rent" but am kind of tired of not being able to move on. I live in a condo complex. The original builders went bankrupt, then the investors who bought the whole place with the idea of renting out the units went bankrupt. I doubt if more than 10% of the units are occupied by owners who are actually paying their mortgage, although that's not a figure that I can prove.
Oh, and I'm BoA also. Formerly Tayler, Bean and Whitaker. BoA took over TBW mortgages at the same time that they took over Countrywide. We are FHA, and did one streamline 6 months after we purchased. We owe $133,000 on the unit and they are current selling/being listed in the $50s.
 

puppyted

LoanSafe Member
Mar 31, 2011
137
0
16
I believe the banks are purposely lagging because it is not in the best interest for them. If it was in the best interest of the bank they would forclose immediately. Some people have a theory that they are postponing the official final forclosure of the home until the end of 2012, so you will not be protected by some of the tax laws that end on 2012. If you plan to give up the home make sure you finalize it before 2012.

Since the lender is basically in the "driver's seat" as to how fast, or slow, a foreclosure goes, if this theory "that they are postponing the official final forclosure of the home until the end of 2012, so you will not be protected by some of the tax laws that end on 2012" is true (and I think it very well could be a vengeful act taken by the lenders), what, if any, recourse will we have? Will the government "wake up", and see the games the lenders are playing? If we can't get this foreclosure finished by 12/31/2012 (we are starting our walk this next month), then we will have to declare bankruptcy, and hope that any tax obligation goes away.
 

laststraw

LoanSafe Member
Mar 12, 2010
208
2
18
I think the theory "that they are postponing the official final forclosure of the home until the end of 2012, so you will not be protected by some of the tax laws that end on 2012" gives them way too much credit. I think it's more likely that they are swamped with foreclosures in your area, can't handle the volume and at some point will get around to you.

My lender, which was not BofA, did not contact me at all the first few months, when they knew I was unemployed and had no income. As soon as they found out through a short sale application that I had gone to work the phone calls and letters started.

Besides, isn't BofA one of the banks in the hot seat over the robo-signing scandal? The government is already on top of them so they may be postponing any further action until that mess is settled.

Also, 29 months here with no foreclosure filing so don't be surprised if you're in for the long haul.
 

Bella

LoanSafe Member
Jan 1, 2008
428
2
0
We have B of A formerly Countrywide in Pima Co AZ. Our last payment was May 2010.
 

Bella

LoanSafe Member
Jan 1, 2008
428
2
0
No, everything is escrowed also.

And we have (had) PMI. The place is rented now with tenant paying a reduced rent payment of half $450.00/month.

The PMI company called to ask if we were wanting a loan mod. We said no.

Credit scores still intact, no lates reported. We actually both got 2 new 0% offers and applied for and were approved so they are good until Feb 2012 at 0 interest.

We are still maintaining the yard and the HOA dues.
 

kasey1080

LoanSafe Member
Sep 30, 2010
1
0
0
I'm 9 months behind on my BOA mortgage and only receive monthly statements reflecting the current months bill and the ever growing total due with late fees. I applied last April for MHA modification, got the usual run around that I was prepared for being reading this site. Stopped paying in July because I did not have enough to pay the whole thing.

Only received one phone call early on in the process about being late in payments and told them I was going through the modification process, never heard from their collections department again.

A few months into it I also received the lovely "Intent to Accelerate" letter and called to find out the smart people at BoA closed my modification case without my knowing cause of "missing documents". I complained, got it re-opened and was told to ignore the Acceleration letter.
 

alikeith

LoanSafe Member
May 19, 2008
881
0
16
Its amazing to me how long the process for modifications are taking still and how long foreclosures are taking. I guess its good in a way its taking so long to foreclose. I feel like its buying me time to get caught up. Its insanse how long some of the people on this board have gone without a payment.
 

lesliec

LoanSafe Member
Jun 10, 2009
82
0
0
I just began a new thread and then saw this...I am going near 3 years of no payments and NO notice served yet?! We live in FL where they must serve in person in order to begin the procedure...this is insanity!
 

ChaseIt

LoanSafe Member
Apr 11, 2011
87
0
0
Florida
Hi Lesliec

I'm also in Florida and wondering how long the foreclosure process will take. Who is your lender/servicer?
 

gettinout

LoanSafe Member
Jun 25, 2010
108
0
0
Some people have a theory that they are postponing the official final forclosure of the home until the end of 2012, so you will not be protected by some of the tax laws that end on 2012.
But the tax law doesn't affect them at all, right? If anything, postponing beyond 2013 would help Uncle Sam b/c then all of this forgiven debt could be taxed (and federal tax debt can not be discharged through bankruptcy). As far the banks are concerned, this does nothing to their bottom line one way or the other. They've still forgiven the debt. I wouldn't put anything past the banks, to be sure, but if this was a conscious plan, the only motivation that could explain it would be pure spite.
 

casey4383

LoanSafe Member
Apr 20, 2011
32
0
6
I have not made payment since Oct 10 with BOA. We have an 80/20 and have had to move from the area 2.5 yrs ago for my husbands job. Homebuilder. Anyway, we paid the mortgage every month for 2 yrs before walking away. Couldn't keep 2 houses going. Tried to do a DIL but they told me we had to give them $9500 and they could still come back after us for the other $20,000 def. Has anyone had any experience with this?