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Bank of America Foreclosure Process |
Bank of America Foreclosure Process is quite similar with the process employed by other banks in the United States. The bank initiates its foreclosure process as the last step to recover the loss made by the borrowers by defaulting on their mortgage payments. Bofa foreclosure process starts when a borrower fails to pay his monthly mortgage payments for a considerable period of time. Bank of America Foreclosure Department will send a notice of default stating that you have failed to make your monthly payment by the deadline. If you have ignored this notice then a reminder letter will be sent stating that your home will be foreclosed if you don't make the payments on time.
As a borrower you may be liable to pay late fees and legal charges along with the regular payments. However, if you're unable to repay the full payment then the bank will send a certified letter of foreclosure via a processor or a local sheriff. As per the foreclosure process of Bank of America, a public notice will be issued in one of the local newspapers by the bank for the awaited payments. At this stage, you can work out your payments only if you are able to pay the overall payments.
Now, a court date will be scheduled and the homeowners and interested buyers will be present along with the lender.
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The court then issues an order in support of the lender and an auction date will be set. At the auction, the property will be sold to a prospective buyer and the money will be used by the bank to cover the loss incurred. After foreclosure, the bank offers a time period under which you can buy back your house if you can arrange the money. On the other hand, you can look for a short sale of your property at a lower price then the original value to avoid foreclosure. It is advisable for you to write an honest hardship letter to the foreclosure department in order to prove your financial hardship.
Bank of America also offers foreclosure help and prevention programs to assist troubled homeowners in avoiding the painful effects of home foreclosure. Bofa foreclosure prevention program is provided to those homeowners who are finding it hard to make timely repayment due to some genuine reasons. The bank has foreclosure prevention plans such as loan modification, restructured repayment options and pause in the loans. HOPE NOW Alliance is a country wide relief program that assists troubled homeowners to avoid home foreclosure. One can also call at 800- 846-2222 to find more details on Bofa foreclosure prevention program.
Website: http://www.realestatezing.com/banks-in-usa/bank-of-america/foreclosure-process.html
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