Bank of America has started issuing a , “Notice of Intent to Accelerate,” typically to loans that were previously Countrywide Home loans. Countrywide home loans were purchased by Bank of America and that is who you now make your mortgage payments to. If you’ve received one of these notices I’m fairly certain you are not current on your mortgage and for most, severely behind. So you’re probably wondering what this means in the scope of your foreclosure process.
Rest assured you won’t be losing your home in 30 days, probably not even 60, but do expect your Notice of Default to be delivered shortly thereafter. A Notice of Intent to Accelerate is essentially the banks last attempt to let you know that you are nearing the end of your “grace period” and you are going to incur more fees, such as legal fees affiliated with your Notice of Default and the remaining of the foreclosure process. Hopefully, if you’ve reached this stage you have explored the best option for yourself and your household. Whether you are considering a short sale or foreclosure a notice of Intent to Accelerate is a time to “get real” about your situation.
After you have received your Notice of Intent to Accelerate, roughly 60 days later, you will receive a Notice of Default. Your Notice of Default triggers the foreclosure process. Typically 60-90 days later you will received your Notice of Trustee Sale. While there is very little consistency from the banks, there’s no way of knowing who will be on time or who might slip through the cracks. What I can tell you is, that, one of my clients was 14 months behind on their mortgage before they received their Notice of Intent to Accelerate. After that it was 45 days until their NOD. Another one of my clients was 11 months behind and just out of a Bankruptcy and they received their Notice of Intent to Accelerate.
No matter what you choose to do, be sure you are aware of your time lines. Talk to a professional who can help with this process. It will not go away. Please call (916)230-3880 or email Jen@JenKlein.com.