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Has anyone ever dealt with a Foreclosure with Bank of America?

We just missed our first payment on our mortgage with BOA and i know it is eventually going to go into foreclosure. I am asking this because i don't know what to expect. We have talked with them and tried to work something out but they don't care and won't help us. Any advice is greatly appreciated. Thanks!

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Anonymous

Asked by Anonymous at 9:30 AM on Feb. 27, 2012 in Home & Garden

Answers (7)
  • Talk to a financial advisor or banktuptcy attorney. They will know how to protect you, your home & other assets & will know of programs out there to help you. I don't know your situation, but just missing one payment doesn't mean you have to lose your home. GL!! (*BTW BOA sucks & if you can refi & get your loan out of their hands- that would be great too!)
    mrsmom110

    Answer by mrsmom110 at 9:44 AM on Feb. 27, 2012

  • Hi! i work in a bankruptcy law firm. In general, a mortgage company files for foreclosure when the mortgage is 3-4 months behind. The foreclosure is filed in your local court of Common Pleas. In Ohio where I live, it takes 3-4 months for a foreclosure to process through the court and get a judgment. When a judgment is secured, an order goes to the Sheriff's Dept to set a sheriff sale. Here, it takes 60 days from when the Sheriff gets the order until the sale date. You must vacate the premises by the date of the sheriff sale. The whole process from when a foreclosure is filed here until when you have to be out is 5-6 months. Call a bankruptcy firm in yoru area and ask how long a foreclosure takes to get a timeframe for your area. When a house is sold at sheriff sale auction, they have the auction at the courthouse, no one come to your home. they start the bidding at 2/3 of the fair market value. CONTINUED
    AngelicaDem

    Answer by AngelicaDem at 10:23 AM on Feb. 27, 2012

  • The proceeds of the sale are paid to the property taxes, then the first mortgage get s paid, the n any second mortgages/equity lines. The balance not covered by the proceeds of teh sale is called the deficiency of foreclosure. Once the house is sold and this amount is determined, they can [proceed to collect it from you. They can garnish your employment wages, attach (wipe out) any bank accounts in your names and attach liens to any other real estate you own. You may want to look into filing bankruptcy to protect yourself from collections on the foreclosure deficiency.
    Feel free to messag eme with any questions.
    AngelicaDem

    Answer by AngelicaDem at 10:26 AM on Feb. 27, 2012

  • A neighbor also missed one payment with BoA and lost her house. They are a**h**es.
    tasches

    Answer by tasches at 7:17 PM on Feb. 27, 2012

  • My mom is going through this now she is with BOA. She hasn't made a payment in something like 6 months and she is still in the house.
    Anonymous

    Answer by Anonymous at 3:12 AM on Mar. 10, 2012

  • I must be the only person in the world who actually got a real modified mortgage that worked out through BOA. We just called weekly because apparently every week a new "program" is offered. So if you they don't have a program available for you this week, next week they might. Of course you are going to have to work for it and stay on them. We stayed on them and got our modified mortgage last year. Since then we have never been late and have had no issues from them at all.
    Anonymous

    Answer by Anonymous at 4:44 PM on Mar. 10, 2012

  • I had my second mortgage through BOA...well it was Countrywide then BOA. But...from the day the mortgage was in default to the day the house was forclosed was a little more than a year and a half. We did not want to keep the house. We put the house up for short sale, we had 2 offers, but finances fell through. Luckily, we claimed bankruptcy about 4 months before the house actually forclosed. Our bankruptcy lawyer told me that it is better to have a bankruptcy on your credit report than a forclosure. My parents' house also went into default. They were living in the house for about a year and a half. They moved out less than a month before the sheriff sale. Good luck.
    Ms.Maricel

    Answer by Ms.Maricel at 6:38 PM on Apr. 10, 2012

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