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Bank of America Foreclosure Process |
Bank of America Foreclosure Process begins with the notice of default, which is sent to the defaulter once h/she lags behind in making the home loan payment. The notice of default is a legal document so should be taken very seriously.
The second step of the foreclosure process is Lis Pendens that is the real legals action. Lis Pendens, abbreviated as lis pend is a latin word, which means “Suit Pending”. So if you are thinking of selling your home because of Bank of America foreclosure process it is better to do it before Lis Pendens because after this step a lawsuit against you will be filed. Now if somebody will purchase this home then h/she will have to face the decision of lawsuit and no one will ever be ready to buy these homes. After this answer with the court is filed and it is the best to file it with the help of attorney.
For legal advice on foreclosure process you can also consult the International Law Forums. Generally 20 days period is given by the court to respond and if no response is given then the default judgment against you will be given. After this, hearing is done in which the court listens to both the parties. If the decision is against you, then the Bank of America foreclosure process will move further for auction. Here, during auction, there is no way to get your home back.
Once the property is sold and certified then the title of the home is also transferred. After the sale, usually 14-30 days are given to vacate the home. But if the sold home has not been vacated then you will be forced to vacate it by sheriff and trespassing will be charged against you. But in case the home is not sold during auction then it is retained by the bank and considered as Real Estate Owned (REO).
Bank of America Foreclosure Prevention
Now if you want to avoid the whole process then you must understand the Bank of America foreclosure plan and relief programs once you feel that you gonna face the financial trouble in future. There are many new BofA foreclosure plans like loan modification, pause in the loans, different repayment options etc that can be availed.
Bank of America foreclosure relief also comes with HOPE NOW Alliance that also include other banks and financial institutions as, Countrywide, Chase, Citigroup, Wells Fargo and Washington Mutual.
This Alliance is doing efforts to prevent and reduce the number of foreclosures through different strategies. In this HOPE NOW Alliance services, investors and non-profit counselors have also participated. Many loan modifications and repayment plans have been made but because of lack of awareness the result is not up to the expectations.
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So to help further the Project Lifeline has also been initiated by this group in which assistance to all types of loans will be provided. Bank of America foreclosure relief thus is given to all now so that homeownership can be retained even during the time of crisis. Along with this, Bank of America foreclosure prevention program will also limit the mortgage payments. These payments will be according to the gross income and will not be more than 30% of that. Along with this BofA foreclosure prevention programs also include many grants. With all these plans, tackling the Bank of America foreclosure process have become easier, but need to respond promptly.
Call to get more information on Bank of America Foreclosure Prevention Program
Ph Number: 800- 846-2222, Monday-Friday
Timings: 8 a.m.-9 p.m.,
BofA Foreclosure Relief
website: http://newsroom.bankofamerica.com/index.php?s=43&item=8157
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