Notice of Intent to Accelerate from Bank of America

Regarding modifications:

Most modifications will not go through when someone is already in default. It is a bunch of hogwash and failing pipe dreams to believe that the banks will be willing to work with you once you have defaulted. You are now a greater risk to the banks.

However, there is always the .001% chance that you could get one. Do NOT get your hopes up, as in doing so will not allow you to start planning for the more possible foreclosure that will happen as they tell you that "your loan modification is in the works, don't worry about the letters that you just got" while they follow through with the foreclosure.

Please do your studies and look at the actual foreclosures in your area, and ask questions relating to these modifications. You will find this to be factual and not hopeful.

Sorry but just telling it like it is. I know, I have gone through it, and I'm going through it again on another house. The banks really don't care about you or your difficulties. They will now tell you that to your face when you are in default. But till then.. you are their prefered customer. pfft.

When you call B of A you need to ask for the hardship department. They have people designated to help in cases like yours. The regular ones just figure out when you can pay. Don't give up. I had my mortgage modified by B of A.
Good luck!

Bank of america seems intent on accelerating anyone even a bit late. I too have faced them making it more and more difficult to send them money. Added to that is the fact it takes them 2 weeks to process a check because they don't allow any payment but the full payment.
BOA is seeking to move as many Americans out of their homes as possible. I am now not even 18 (more like 5) days late and they have sent someone by to take pictures of my home. Does anyone not think they have an ill intent? And where to turn? Good question. I have talked to them every week asking where my payments were and their response is to send someone out take pictures of my house.
Does anyone know where to turn? My republican representatives could give a crap as well as most of the government, which are the only ones who could rein these people in.

Well, all of the above, I guess that we neet to start getting together and manifest at the bank doors and let them know that they need to listen us, it could be better than making phone calls that lead us no where.

Same thing just happened to me! Just out of curiosity... did they ever find 'other modification' options and are you still in your home?

I started my Obama trial payments October 2009 with BOA. My mortgage was reduced $500 per month. Last month, November 2010 I recieved a denial letter. My loan would not be modified. A week
later I got the dreaded letter of Intent to Accelerate. BOA asked for $8,000. All I can say is "Christmas"?? But its been so stressful this past year, BOA not recieveing documents I sent, talking to different BOA representetives. I am filing Chapter 13. The consumer credit program in my community told me Bankrupcy is the only way to go. I have a great attorney. I was told BOA would never modify my loan because I have $50,000 in equity in my home and homes are selling like hot cakes in our area. I was a fool for jumping on the Obama making homes affordable program. Live and Learn. I sure have learned a lot. I am sure you have too. Get on with your life and forget about BOA. Start Loving and Laughing again.

If you had equity in your property, then you could have refinanced your mortgage so that you can take advantage of better rates and terms. This would have helped you in avoiding bankruptcy filing. However, you could have qualified for refinance only if you had good credit scores and income.

......I am a teacher here on NC. My wife and I had a home and I was renting out the home I live in now to my mother-in-law. Back in the summer of 2009 I had two jobs that were to tide us over through the summer fall through, so I ended up using her rent payment (that I would, in tirn, send to the mortgage company) for two months to survive. I was sent paperwork from BofA to enroll in what I thought was a loan modification program, but in fact it was a forebearance program where I made lower monthly payments for 6 months. I should have read what I was getting into. After the six months they wanted the full amount plus all late fees. I was making payments, but in actuality I was 6 months behind. I called to enroll in a loan modification program. I separated from my wife in November of 2009 and have occupied the home since.

It has been over a year and they are still trying to work out a modification program. I filed for bankruptcy in spring of 2010 and it was discharged in November. Now I have gotten a letter to accelerate for January 2011 (next month). I called and they told me to ignore it because they are still trying to work something out. I would have to come up with $4100 to clear everything up, but being a teacher that would be next to impossible. I have begged them to put the amount I owe onto the back end of the loan or let me pay in rearrears over the next few years with a slightly higher mortgage payment. I have called numerous times and they still tell me to continue making my mortgage payments until they can work something out. I smell a rat and do not want to send in my January mortage payment (and HELOC loan). I told them I need to hear of something concrete this week (last week of December 2010) or I would wait here, not making any payments, until I was evicted. I could save at least $500 a month until they finally tossed me out and then find an apartment.

I would like to hang on to my home, but the thought of having $6000 in savings at the end of the year not making any more payments is very enticing. I am very upset they won't work with me since I have been making payments on time since last year and they won't forgive, or build back into the loan, the $4100. What would be your advice on this......continue to make monthly payments even though the Intent has been issued and they keep stringing me along to what I think will be the inevitable, or wait until I get evicted, save money and find an apartment down the road? I have already torpedoed my credit with bankruptcy.

Please help! My email is
Thanks!

Posting your email address is against the TOS. Sorry but I removed it.

There is a group out of Cheyenne WY called Tila Solutions. They are very successful with modifying B of A home loans. They utilize forensic evidence of lender fraud and federal violations as leverage to basically force lenders into a modification. They are very professional and reasonably priced. My neighbor received a balance reduction as well. She said they brought her to 2.5% for 3 years and gradual increase on a fixed rate topping off at 5.35% for 30 years.
Maybe they can help you.

TO

B of A gets 3 times the value of your property as a tax write off on 'default' status of your loan. That's right. It's considered a 'Bad Loan' at that point and this loss carries privileges. This is one reason why they try everything in their power to put you further and further behind. They will tell you you are a 'candidate for a mod, but then they don't tell you that your trial payments (If you make it that far) are putting you further and further behind as they are NOT your full payment. Then, usually out of the blue....POOF! For some arbitrary reason (BS 97% of the time) you don't 'qualify'. But at this point it's basically too late because they are moving forward with foreclosure. On foreclosure (And since B of A's home loans are FDIC insured) the FDIC cuts B of A a check for 50 to 90% of the original loan amount. That's right! Do the research, see for yourself! Didn't we just give them 75 Billion to help? They pocketed the money obviously.
The truth is: There is more profit in foreclosure. There is no compelling reason for B of A to help anyone. NONE. It's a loss. B of A is a 'FOR PROFIT' corporation. It's all about the dollar. Screw the taxpayer / homeowner! It's WE the corporations now!
What is the solution? Hammer them with a Securitizations audit. One that basically proves that (In most cases) they do not have the right to foreclose. Also, don't believe the bank regarding sale dates. CHECK THE COUNTY COURT! B of A will say there is no sale date, all the way up and until an actual sale date. Again, it's not about the homeowner. It's about the almighty dollar.
Protect yourself. Ironically a lot of homeowners run straight to attorneys. A large percentage of these professionals are very unfamiliar with how to defend against foreclosure. Very few seem to have the tools needed to stop foreclosure and create leverage for negotiations. Where most are pretty good litigators, many are unaware of the power a securitization audit brings to the table in negotiations.

TO

Thank you both for your responses. I did fill out forms with NACA (a real estate friend recommended them), so this may be a last ditch effort to save my home. Would you advise paying January's payment or waiting to hear an affirmative response from BofA n as to if they will work with me? I am leaning towards not paying and waiting until they evict me to get apartment.

NACA can help you in negotiating with your lender. Normally, lenders will consider you for a hardship program if you're delinquent on your payments. However, if you deliberately go delinquent on your payments and cannot prove your hardship, then the lender won't consider your request.

we jus received a letter of intent to accelerate, does this letter really mean if I donot bring the principle current the total amount due is 17,000 I can send 6,000 in increments but they keep saying jus hold the money until I receive the HAMP appl. well does any one know If I should just FEDEX a cashiers check for 6,000 or do you think the bank will send it back, well I thought two things could happen 1st if they send it back then I will add it to the rest of the savings until I get the remaining amount and 2nd if they keep it then I will owe 11,000 this amount includes interest and late fees

There are chances that the lender will want you to pay the full amount or else they may take actions against you. Before you send them a payment of $6,000, it will be better if you could negotiate with them so that they agree to accept the whole payment in instalments. Once they agree to it, then you can send the payments to the lender.

Since this is a mortgage, I would suggest to talk to their loss mitigation department,.

If you're current on the first mortgage, then the second has no real power to foreclose. They will always be second in line behind the first mortgage.