|Bank of America Foreclosures allow a home seeker to find homes and real estate properties owned by the bank. You can check the available bank-owned properties by visiting its website and conducting a search by giving details of locations and required specifications, such as price, number of beds, baths etc. Alternatively, you can register with the bank and get instant information about a fresh foreclosed home added to the inventory. By registering with the bank you can keep track of the properties foreclosed by the bank in recent time with the facility to save your searches online. With the present mortgage crisis, the foreclosure department of the bank is busy with swelling inventory of foreclosure homes for sale.
Bank of America Foreclosure Department
The foreclosure department or home retention team established by Bank of America provides assistance to homeowners struggling with mortgage payments. A special home affordable program is there to help those who find it difficult to keep up their mortgage obligations. Several other programs, such as HOPE NOW and project Lifeline are in existence that can help homeowners prevent foreclosure of their properties. Some of these prevention measures also include other banks and financial institutes like Countrywide, Chase and Wells Fargo. The home retention department helps a homeowner retain his/her possession through plans like loan modification, different repayment options, pause in the loans, foreclosure moratorium etc. When a foreclosure is inevitable and you are also not interested in keeping your home, you can call at 1.800.720.3758 to initiate the process of foreclosure.
Bank of America Foreclosure Process
A notice of default is sent to the homeowner when there is a delay in the monthly mortgage payment. This is a legal document and is considered as the first step of foreclosure done by Bank of America. Failing to take this notice seriously will lead to Lis Pendens, which is simply a lawsuit against you. After this step you cannot sell your property to any third party and from now you will require the assistance of an attorney to save your home from foreclosure. You will have to respond to the bank within 20 days failing which a default judgment will be passed by the court against you. Hereafter you can only appeal in a court of law and after only hearing from both the parties, the court takes a decision which is more likely to go against you. With the final judgment, the bank moves ahead with the foreclosure process and an auction for your property is organized. This foreclosed property becomes a part of Bank of America Real Estate Owned (REO) and is made available to home seekers for sale.
For foreclosure help call at numbers given here: