How the Bank of America forecloses on your home
Article by Dave Kershaw
When a person c?mes to kn?w ab?ut hi? home foreclosure he ten?s to think a long haul process al?ng with a fear ?f losing hi? dream home. The foreclosure ?s a process in which ? lender tri?s t? g?t their money back from th? borrower. The foreclosure process by bank ?f America ?s not ??fferent from any oth?r bank but ?t’? th? l??t step from th??r side to g?t th??r money back.
How BOA Initiates th? Foreclosure Process
* The process starts wh?n ? person defaults on hi? monthly installments and bank sends ? hardship letter or ? letter stating that t? make payments at time. Another reminder ?? ??nt to ?ou ?f ??u have ignor?? the earlier one. It ?? further mentioned that ?f y?u d? n?t make th? payment in th? time allotted, the bank will foreclose ??ur loan.
* The owner ?f property ?s ?lso liable t? ?n? late fees, extra legal charges ?nd ?th?r late fees payments. If th? borrower ?? not abl? to or d??? not pay th? full pay, th?n banks send him a certified letter of foreclosure ?n? ?t ?s served t? h?m by local sheriff or ? processor. According to foreclosure process ?f bank ?f America; th? bank will issue ? public notice ?n ? local newspaper ?f th? awaited payments [subjected t? th? local state law]. At th?s juncture the home owner ??n work out th? payments w?th th? bank but only ?f h? i? ?bl? t? pay th? full pay and n?thing l??s than that ?s accepted.
* Then the court date i? set ?n? the owner ?nd an?on? interested in buying th? property ?s present alongside th? lender. The court issues an order ?n favor of the lender ?n? th? auction date ?? worked out. Then th? auction dates arrives an? the house i? sold off. The money fr?m th? auction i? first u?e? to pay th? real estate dues and then the mortgage. If ?ny money i? left ?fter th?t th?t is g?v?n to th? original home owner. After th?t also there ?s ? time period in whi?h owner c?n buy back h?s house ?f he’s able to arrange the money.
You can even go f?r a short sale as your lender w?ll all?w you to sell off the home ?t a lower price than th? v?lu? of the property to avoid foreclosure. Other ways you c?n avoid foreclosure process is through the hel? of Obama’s stimulus plan wher? ?ou can go f?r loan modification or a refinance. It ?? advised th?t you mu?t write ? effective hardship letter to prove ?our hardship to save your home.
Dave is an expert foreclosure defense attorney who has saved numerous homes from the foreclosure process