Foreclosures Help Information

Posts Tagged ‘bank_of_america’

Stop Foreclosure Bank Of America

Question: how many months can you be behind on your mortgage?

I bank with Bank of America and was wondering how many months i could fall behind on my mortgage before they could start the foreclosure process and stop accepting additional payments from me? I have not gotten behind yet but was thinking of doing so to cushion my own account in these tough times.

Answer: Talk to the bank rather than 'voluntarily' defaulting on your mortgage.

Save Renee's House: Stop the Bank of America Foreclosure!

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Foreclosure Help Bank Of America

Question: San Diego will be a "foreclosure sanctuary"?

http://moneynews.newsmax.com/financenews/bank_of_america/2008/07/23/115615.html

Here's the link. Apparently, San Diego is sueing lenders to stop foreclosures in their city. Gosh, what do you think this will do to property value and future loan availability?

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Answer: What a stupid idea! If a bank can't foreclose, no one will pay their mortgages. Why would you?

If a bank can't foreclose on a mortgage, there is no collateral. No collateral means the mortgage is worthless. The banks will have to write off every mortgage in San Diego whether the home owner is making the payments or not. It will be the biggest banking disaster in history.

If the bank can't secure it's collateral there won't be any mortgages and the value of property in San Diego will drop like a rock because no one can get a mortgage to by it.

Bank of America recorded call regarding foreclosure Part 1 of 2

How Does Bank Foreclosure Work

Question: How does a bidding on a bank foreclosure work?

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Answer: You show up at a foreclosure sale with a certified check as required in the notice (usually $5,000 or $10,000), if you want to bid. You can attend any advertised foreclosure auction if you just want to see how it works. If you want to buy, you should try to check out the house beforehand, since most auctioned properties have been neglected, often for years. Needless to say, the owners will not be helpful nor willing to let you in.

A few minutes before the scheduled time for the auction, a lawyer and/or auctioneer will show up. The auctioneer will open the proceedings with a review of the rules and the procedure. The lawyer or other agent will bid for the mortgage holder. There may be other bidders, although often not. Many auctions are called off because the owners were able to reach an arrangement or file for bankruptcy.

House in foreclosure? Or in Bank Foreclosed Homes for Sale?