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Question About Foreclosure?

Hi everyone. Last year in April 2009 my husband was laid of his job for 5 months. We were able ot make three of the house payments out of the from our savings. Well, when he got a job in August we were able to start payng the mortgage afain, but we were still two payments behind bc it s really hard to catch up. anyways, my DH got a call today from Bank of America threatening to start foreclosure on our home Feb 7th if we do not pay it in full. My questions is what do we do? I mean i thought they couldn't foreclose if we were still making payments and trying? I am so worked up. We have 3 small kids. We have tried to talk to THE BOA people but they are just rude and inconsiderate and want all of the money now. Any suggestions would be great. My DH's couisin house didn't start foreclosure until they were like 8 months behind.

 
Anonymous

Asked by Anonymous at 4:43 PM on Jan. 13, 2010 in Politics & Current Events

This question is closed.
Answers (5)
  • If you have a branch of Bank of America near you I would go in and talk to their Loan Officer or Customer Service Manager. They will be able to better help you get caught up.
    lori232

    Answer by lori232 at 8:42 PM on Jan. 13, 2010

  • Call the bank and ask to speak to someone else. Chances are the person your Hubby spoke to is just someone in the collection dept and he/she is just trying to collect the money. Yes, they can foreclose with only 2 month behind. They did on us but it was wrongful and we got our house back after 6 months. Long story... When he calls the bank ask for a forbearance program or ask about anything they can offer to help. If that person says they don't know, ask to speak to their manager. They can do something, call them everyday if you have to. In this market, they really don't want your house.
    midnightmoma

    Answer by midnightmoma at 4:48 PM on Jan. 13, 2010

  • Every bank is different. They DO have a right to foreclose if you are behind on payments and aren't paying the back payments. They technically own your home until it is paid off in full, so they can take it back if you're one month behind. You need to talk to the bank and see how long they will give you to pay in full. Then do everything you can to do so, otherwise you will lose your home. There isn't anyway around it except to pay in full.
    JazzlikeMraz

    Answer by JazzlikeMraz at 5:50 PM on Jan. 13, 2010

  • You need to talk to the bank./ B 0f A was pretty good with us.

    Have they sent a letter of intent to escalate? They need to inform you in writing.
    gdiamante

    Answer by gdiamante at 6:06 PM on Jan. 13, 2010

  • i'd say the person they spoke to was in collections, they get paid for every dollar they can leech out of you on a commission basis in most of those companies, so call your local branch and ask to speak to someone in the mortgage dept and ask if there is anything you can do to start making the back payments and ask if they will take off any overages.
    angevil53

    Answer by angevil53 at 6:37 PM on Jan. 13, 2010