1 year, 7 months ago
What is Bank of Americas Foreclosure Process in California?
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
M$1 Answer
This is a great question. Currently, there is a hold on all foreclosures in the state of California due to a question of faulty mortgage paperwork with Bank of America at fault:
"Bank of America followed the lead of Ally Financial and halted foreclosure proceedings in the 23 states that require a notarized affidavit to initiate the process of evicting the defaulting homebuyer from their home. Like Ally {GMAC}, they admitted to procedural errors and paperwork that was improperly prepared."
However, this is a temporary as Bank of America (along with other major banks processing foreclosures in California) must alter their foreclosure process so it will comply with California's consumer protection laws.
Once this is corrected you can expect Bank of America to resume the foreclosure process in California.
The process is as follows:
Notice of intent to Accelerate: You will receive some sort of notification via mail that will serve as a warning to you, the borrower. It alters the borrower to past due payments and warns them that if missed payments continue, the foreclosure process will begin.
The next step of the process is the Notice of Default. After a specific amount of time (depending on the type of loan you have), your lender will file a Notice of Default. This notice serves to further warn the warn the borrower of foreclosure proceedings. It informs the borrower that they must pay the missed payments plus all applicable fees or the foreclosure proceedings will continue. The Notice of Default is a public notice that is recorded in an official setting (courthouse, town hall, etc.) and posted as a notice in the newspaper.
The last step of the process is the Notice of Trustees Sale. This is the final notice a borrower will receive before the bank forecloses on their property. This notice provides specifics about auctioning the property (such as date and time of auction). Additionally, this notice is officially logged and publicized two to three weeks prior to the actual auction date.
Above is Bank of America's foreclosure process in California. Essentially, you get a lot of warnings before your property is foreclosed.
Another note: do not count on the Foreclosure process being halted in California for much longer. Banks are currently modifying their foreclosure process to comply with California's Consumer Protection Laws.
Hope this helps!
"Bank of America followed the lead of Ally Financial and halted foreclosure proceedings in the 23 states that require a notarized affidavit to initiate the process of evicting the defaulting homebuyer from their home. Like Ally {GMAC}, they admitted to procedural errors and paperwork that was improperly prepared."
However, this is a temporary as Bank of America (along with other major banks processing foreclosures in California) must alter their foreclosure process so it will comply with California's consumer protection laws.
Once this is corrected you can expect Bank of America to resume the foreclosure process in California.
The process is as follows:
Notice of intent to Accelerate: You will receive some sort of notification via mail that will serve as a warning to you, the borrower. It alters the borrower to past due payments and warns them that if missed payments continue, the foreclosure process will begin.
The next step of the process is the Notice of Default. After a specific amount of time (depending on the type of loan you have), your lender will file a Notice of Default. This notice serves to further warn the warn the borrower of foreclosure proceedings. It informs the borrower that they must pay the missed payments plus all applicable fees or the foreclosure proceedings will continue. The Notice of Default is a public notice that is recorded in an official setting (courthouse, town hall, etc.) and posted as a notice in the newspaper.
The last step of the process is the Notice of Trustees Sale. This is the final notice a borrower will receive before the bank forecloses on their property. This notice provides specifics about auctioning the property (such as date and time of auction). Additionally, this notice is officially logged and publicized two to three weeks prior to the actual auction date.
Above is Bank of America's foreclosure process in California. Essentially, you get a lot of warnings before your property is foreclosed.
Another note: do not count on the Foreclosure process being halted in California for much longer. Banks are currently modifying their foreclosure process to comply with California's Consumer Protection Laws.
Hope this helps!
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
M$Report Abuse
