Honestly if you're bound and determined to go thru with this house the 1st thing I'm going to say is you need a foreclosure lawyer who does nothing but foreclosures. Ours in the beginning when were trying was free consultation and then $150 a month. Period. Ours was no up front....free and then $150. They know the law and they know when the banks trying to screw you. If you can't afford the $150 a month when you're not even making the house payment NOW then you probably can't afford the house anyway. Sorry...just being honest again.
Bank of America is THE nastiest most crooked bank there is with Wells Fargo running a close second. Advice...don't take anything they SAY as truth...if their mouths are moving they're lying. What they told you..is it in writing...no? Then it don't mean jack. Even so ... they didn't promise a dang thing.
GET EVERYTHING IN WRITING...otherwise it don't mean sh** And they won't want to do that. Why? Because it's evidence....it's proof...and they don't want that.
That's $15,000 on TOP of the balance of your house. That's just the top of the cake. And it's mounting every month....their attorneys...late fees..another payment...escrow ( house insurance/land taxes etc.) Yeah, what about house insurance. In that 15 months it came up for renewal...they should have gotten a policy ( I know this for fact...just got one a couple days ago ) and have either charged it in the $`15,000 or WILL tack it ONTO the $15,000. If they got a policy themselves they got the highest price they could. Also they got in deep do do for this a while back. They formed their own "home owners" and when it came time to acquire insurance for the foreclosed they used their own. I have the proof filed about 10 feet from me right now where it was cancelled 5/31/13. They got busted and had to change from their insurance to an outside. This also just arrived a few days ago and now TODAY I just opened it they want me to pay $2,255.84 for the new premium. came from QBE Specialty Insurance Com. Of course it came with the standard " if you are involved in a bankruptcy" crap but it still came. Oh...and don't forget the land taxes...That's either also been added in OR WILL be yet to come to be added to the $15,000.
As for your questions...you can apply for the mod but OUR foreclosure attorney back then said that doesn't stop the foreclosure process. Meaning it continues as if you didn't apply for the mod. Has that changed in time? I don't know but 4 years ago once started it didn't stop short of bankruptcy and the court. So either it's changed or again...they're lying about it stopping the process.
Reinstating the loan...you have to QUALIFY to be reinstated. And as for can't make payments or anything else because its FHA...bull...you can't make payments now BECAUSE IT'S I FORECLOSURE...doesn't matter what kind of loan it is. Your question of come up with $42,000 or $15,000...I'm not sure. Reason I'm not sure is because after 15 months of non payment SOMEWHERE along the line you got a letter calling in the whole amount of whatever is owed including the what I call garbage. Again...that $15,000 is going up every month. Its going up as we sit here typing. At the 6 month .. missed 6 payments there was a process called Notice To Accelerate. I'm sending a link and in this it says the letters are sent at the 4th missed payment. I believe that's when ours was recieved to. I don't even understand HOW it's went on this long for you. Do you have to have good credit for a reinstatement? Did you ask? Cause if so then yours is shot. You have to be able to show you CAN make the payments and make them according to their so called slice of the pie. House payment I believe can be no more than 36% of income. And everything else has to fall into the correct % slice of the pie too.
Oh and both of the other peoples demand to be out in 24 hours....they were both Bank of America...and another lady on here had either a relative or a close friend that had 3 days to be out...Bank of America too.
Sorry for the large letters...it's the way they copied and pasted...
"
- Third consecutive missed payment: When three consecutive payments have been missed, you will receive a letter from you lender stating the amount you are delinquent, and that you have 30 days to bring your mortgage current. This is called a "Demand Letter" or "Notice to Accelerate". If you do not pay the specified amount or make some type of arrangements by the given date, the lender may begin foreclosure proceedings. They are unlikely to accept less than the total due without arrangements being made if you receive this letter. There is still time to work something out with your lender.
- Fourth consecutive missed payment: By now there is very little time left before the deadline stated in your Demand or Notice to Accelerate Letter. When the 30 days ends, if you have not paid the full amount or worked our arrangements you will be referred to your lender's attorneys. You will incur all attorney fees as part of your delinquency.
The final step is a Sheriff's or Public Trustee's Sale. The lender's attorney will schedule a sale of your property. Technically, this is the actual day of foreclosure. You may be notified of the date by mail, a notice is taped to your door, and the sale may be advertised in a local paper. The time between the Demand or Notice to Accelerate Letter and the actual Sale varies by state. In some states it can be as quick as 2-3 months. This is not the move-out date. You have until the date of sale to make arrangements with your lender, or pay the total amount owed, including attorney fees.""
Posting the two links for you to read. One is a Google. Take the time to read. Don't sign ANYTHING without reading EVERY LINE...EVERY SINGLE LINE...and have an attorney to look at it first. If you don't you'll regret it. I don't care if you have to sit in there office and they're shoving paper after paper to you to sign. READ EVERY LINE....they won't like it but hey...that's to bad. Then ask to take it home and have your attorney to look at it. Nope, they won't like that either...Why? Because they KNOW what's on that paper is loaded with not legal and bullsh**.
Straight from Dave Ramsey himself....If their mouths are moving they're lying.
What is Foreclosure?
https://www.google.com/#output=sear...78,d.eWU&fp=caa84096235e7292&biw=1600&bih=799
Read my siggy...it's been the same for 4 years now
Bank of America is THE godfather of Hell with Wells Fargo running neck and neck. When the world ends the only things that will be left are cockroaches, Walmart, Wells Fargo and Bank of America. Not necessarily in that order. The order remains to be seen.