Notice of Intent to Accelerate from Bank of America

Hi everyone. Long story short - I have a second mortgage with Bank of America (originally Countrywide). I bought a home for $290k in April 2006. Citi has the first mortgage for $232k; B of A has the second for $58k.

The B of A loan has an interest rate of 9.375%. Each month I pay almost $500 in pure interest. I know - it was stupid to take the loan. But I did.

Anyway, lost my job and found a new one, but at 15% less pay. Meanwhile my house value has dropped precipitously - now it's worth (optimistically) $200k. That's official - neighbor in similar house / lot was just appraised for $205.

I have missed my May and June payments with the B of A loan. On June 2nd, I received a Notice of Intent to Accelerate. It stated that if I don't pay them $1000 by July 2nd, they [b]will [/b]begin foreclosure proceedings (the emphasis on 'will' was in their letter).

I want to keep my home. But the $500/month in interest is awful and there is no equity in the house to support that second lien. So I'm not certain why they would foreclose only to receive.... nothing. Because Citi would get everything at the foreclosure sale.

I would like B of A to lower my interest rate to 0% for a year and then raise it to a maximum rate of 5% over three years. That should give me enough time to (hopefully) get a raise or two and eliminate other expenses.

So I have two questions -

1. Has anyone successfully had a second mortgage modified by B of A? What are my chances of a modification if the equity doesn't support their lien?

2. How serious is this Notice of Intent to Accelerate? I'm not even 60 days past due. Will they really foreclose after 60 days?

This is longer than I intended. Sorry! :roll: I'm not trying to get the principal reduced, or anything - just some breathing room while my budget adjusts.

Thanks for your help.
-Anna

78 Answers

Bank of America are turds. I injured myself so the first 3 weeks were unpaid. I called BOA and applied for a forebearance. It was denied because my medical expenses were outside their acceptable range for my income level. The clown on the phone actually suggested that I go to a free clinic to save money. A week after I called the first acceleration letter showed up even though I was not behind on payments.


Hello. I work for a Chapter 13 trustee and you cannot modify your loan through filing bk. you still have to meet the lenders requirements but if U are behind you can opt to propose a plan to payback those arrears over a course of 3-5 yrs interest free. U will however have to continue to make on-going pymts. Also U can eliminate completely a 2nd mtg if UR house is under water. The key is to avoid the lien(requires filing a motion w/ court) and sticking it out w/ UR bk filing till the end. Hope this helps!


BOA Sucks!!!!


I have fought bank of A for 10 years through several bankruptcies, losing everytime. Latest,can't refinance because 2nd deed of trust BofA wont negotiate, So,now I just continue to pay @ 8.5% for 15 years and then give it to BofA 2 It is just like renting with taxes and improvements


If you call BofA and ask for a repayment plan, they should be able to set you up on one. You still have to pay the past due amount but it will be figured into your monthly payments. It will keep foreclosing proceedings from taking place


 

It is now July 1, 2012.  The banks have been sued en masse and the United States Government has gotten involved as well as the attorneys for the defense and the Plaintiffs - meaning the thousands of vistims such as yourselves and myself.  Yes we were victimized by greed, size of the company and the ineffectiveness of its operations.  The Banks - meaning all the banks have since settled this massive law suit. One can only imagine all the damage done by these financial corporations to individuals lives and families the immense suffering caused by their stark inability to function and greed.  The settlement was in the billions of dollars.  The attorneys of course pocketed millions of dollars.  The states received hundreds of millions of dollars.  The poor homeowners for better or worse who were ultimately victimized either by overpurchasing or being caught up in the faultering economy got... uh NOTHING!! The only dictum placed upon the states was a request from the plaintiffs through the federal government that they "should" not 'must' provide debt relief 'counseling' to the citizens of the respective states!  Is this the GOVERNMENT OF THE PEOPLE BY THE PEOPLE AND FOR THE PEOPLE that our founding father envisioned?  As Thoreau writes on being attentive to the world around should I not be so or would rather study a duck egg!    We have lost our freedoms to these corporations and allowed a government run us into poverty by supporting the harbingers of greed.  There is hope in ehtic and love and a Creator who hears the pleas of his people.  Do not give up hope in the Spirit.


i went into bankcrupty about 2 years ago, th lawyer told me that was the only way to save my house going in forclosure, well my chapter 13 didnt go, it got dismise about last year around june, from that date the lawyers asistant start calling me almost every week with info and asking for papers and documents, well, the main thing is that around the begining of november i got in the mail, a note that my house was going for sale on november 28, tha lawyer told me not to worry, that they will stop the sale, they called around november 25, that the sale got stop, and the next sale date was december 28, around december 25 the lawyer called and said to me that since i beeen very good with the info and papers they request, the next sale date was march 28, well on friday the 13 last week, i found a note on my front door, a 3 day notice to move out, from the new owner, called the lawyer, didnt have no idea about the sale of my house, $5000.00 for the bankcrupty and $5000.00 for the loan modification, i wonder if i can do something about it


I have been trying to get my loan modified for nearly two years. So, I contacted a lawyer that was supposed to help me modify my loan. I told them I can't pay you and pay BoA, they say not to worry that in the modification they will tack the payments onto the end of the note.

Then I get a letter of ITA which will happen on Dec 18th. 

I then contacted a lawyer to see if I could file bankruptcy and still keep my home. Since I lost my job and cannot find another (since March 2010) bankruptcy will not keep me in my home. It will stall them a few months if we go Chapter 7.  I cannot do Chapter 13 if I am not working.

I talked to BoA and they said that I could have just gone thru them, no sense in hiring a lawyer, because NOBODY can force them to modify. And even if they do modify there is no promise that they will take the arrears and tack them on the end of the note.  So, they can still come after me for the 8 payments I am behind (about 7k).

Part of my income is the dogs I breed. I have seven of them. Nobody is going to rent to me with 7 dogs. They are part of our family and it will kill me to have to get rid of them.  The only answer is to stay in my home!!  But, I cannot figure out how to accomplish this.

I am distraught, nobody can help that I have found.  I called HUD and they are offering me "counseling" when I need HELP financially, or a stop or a refi, or just a chance to start over with a lower house payment.

BoA is rude, uncaring and won't work with me. I have told them that I would like to make a payment or two and if that would put me in some sort of negotiation status with them. They will take the money, but not stop the ITA.  Once the ITA has been accomplished and they move to foreclose they will no longer take payments.  They want it all in full...or nothing.

SOMETHING has to be available out there...but I cannot figure out what it is.  Right now, it seems like there is NOTHING I can do.  And it seems there are lots of us in the same situation.


I  most definately agree with boycotting bank of america and discontinuing my acounts with them.Problem is people like you and i wont have enough impact on their malicious mechanical policiy actions unless we show them we count .I feel the way you beat a bully is to buddy up with somebody who will kick him a new ......e. i;e  who's their biggest  competitor { enemy].Well ive beaten a few bullies to the ground myself ,and at the least i left him with a bloody nose.They usually fall like they say "hard".Okay lil buddie lets go kick his butt,dont be scared .Most cowards only pick on the weak with no friends.From what i see on this subject its awhole lot of us .'Wanna be friends ? ' Heres a little tactic we could use for example lets all start our own home saving organization since ' COUSIN OBAMA' d evidently hasn't gotten the d.. memo as to what's happenning to us unimportants "0R DID HE" thats right, take it how you wanna cous, i said it and i meant it.And far as those rude reps if this works misses maybe you should budget better,and mr. "are you sure you can't get lemonade out of that rock" see you at the unemployment line dress warm it's gonna be long winter. I can be reached at email removed Let's get in touch to schedule our strike date.Afterall doesn't this feel sort of like an attack on american soil."H-MMM.Americans homeless,americans jobless,americansdisrespected,americans ignored.Wouldn't matter if i wasn't american, but since i do love my country and cant run nowhere else . I  guess you and i have a failure to communicate enemy of ours.I look at it this way if my deceased father and many more brave soul's gave their lives to defend this country abroad we would be the biggest cowards in the world to let anything and anybody attack us  in our own yard.The old folk's used to say" it's a poor dog who won't fight back in his own yard."AMERICA'S OUR YARD LIL BUDDIES ,I DONT KNOW BOUT YOU, BUT I'M AIMING FOR THE NOSE ".Maybe when those cowards see we aint running they'll pick on someone their own size. And as for those of you who had to work with those crooks to feed your families Let god and lets go ,afterall it does say God blessed "America.And to the sparty pants thats sittin back sayin "stupid idiot it's "God bless america" I was a patriot  when i was knee high to a scopee duck,i loved my country so much i joined the school patrol when i was twelve just to have the honor of touching,pledging and folding that sweet red ,white and blue .flag."AND NOTHING'S CHANGED PARTNA"I made my pledge of alleigence because i saw the good my country did with my own eyes .Their were those that claimed loyalty then and betrayed her oath but that never stopped the true patriots from honoring her promise and defending it at dire cost."GOD KEEP BLESSING AMERICAN'S,WE'LL TAKE CARE OF AMERICA".


I've been dealing with b of a for a 3 years now. they tried to remodify my loan putting me in a "trial period" i had to pay $2300 monthly til they figured out "which plan "suits me best. Everyone that i have spoken to over the phone seems like they have no fricken clue to whats going on. after a year and a half of making that payment they returned my last check stating i didnt qualify.So today i received there letter to accellerate they now want the past due payments of $77000 by sept 17 thats 3 weeks away. ya i got that stashed somewhere! argh. so now the only result i have left is to hopefully shortsale or just go into foreclosure.


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