Received Accerlation Warning(Notice to Foreclose)

I shouldn't have went to open the door today for the mailman eh?

this is in regards to my Bank of New York loan of 20k remaining(Bank of NY was taken over by Chase)

I received a certified mail with return receipt of my signature with a letter of


Acceleration Warning(Notice of Intent to Foreclose)

They list my old apartment address which I lived with my grandma and is a senior citizen subsidized housing. They list is as (the "Property")


Basically they said I have breached their terms, and failed to pay the monthly installments starting 1/7/07

As of 4/5/07 I have 1934.64 past due


****If I fail to cure the debt within 30 days of this notice, Chase will accelerate the maturity of the loan, terminate your credit line, and commence foreclosure proceedings which could lead to Chase acquiring my - grandma's senior citizen housing.


While the loan remains in default, we have the right to protect our interest in our property. One of the tasks will be performing regular intervals visiting my - grandma's senior citizen housing (property)

This will be done to determine, as of the date of the inspection, the property condition, occupancy status, and possibly your plans for curing the default and paying this loan on time. you can anticipate that any costs incurred by Chase Home Finance LLC will be added to the amount you now owe.




*********************

Ok, my fellow Bkforumers, what does this mean?

This is only a "warning" letter for now correct?

Can they take my grandma's senior citizen subsidized housing away?

Is it because now that this loan is under Chase, they warned me quicker than Bank of New York would of?

Will they actually inspect my grandma's little senior citizen apartment?

*I feel so sorry I am causing to my family now, my father, now my grandma





My other debt under my name

Providan CC 7 K

GE Credit Line 13K

American Express CC 32K


Co-signed with my father Chase(formerly BNY) 30K

Did you help Grandma buy her apartment with the money??

Basically what you got today is a letter of warning. You've got 30 days to pay up "or else". "Or else" generally means Foreclosure on a Real Estate loan. But the "or else" may not happen for a while.

New York is a Judicial Foreclosure State. Very few Foreclosures in New York are handled by non-Judicial means. Something to do with the validity of the Title if the Lender does not go thru the Judicial process. So Foreclosure in New York takes a long time.

thanks sinking fast for your help :(

my grandma did not purchase the housing, it's basically like low rent housing for senior citizens with medicare/medicaid. I think Section 8 is also pays most of the rent.

My grandma pays 100 a month rent; and she pays it with her social security money.

I'm just afraid because I've used her address as a mailing address, especially this loan. My other loans/CC were under my parents address - which is a cooperative limited equity housing. My parents pay regular rent and we don't owe the co-op; but I am afraid of technicalities.


I plan to file pro se for myself because I have no job and or assets(except the fact now that they are "targeting" my grandma's senior citizen apartment)


For my father however, I plan to use a lawyer because he has a job(making 1000 a month, married to my mom(who is conservative and saves money-but I don't think any of them are jointly connected) who also works and I have a money-smart sister working on a engineering degree in an Ivy League school who is borrowing alot of student loans too.




I SCREW MY WHOLE FAMILY OVER! I DON'T care if it just screwed me over but everyone else is innocent. I deserve to be in hell.

I'm confused.

How did the Bank get an underlying Real Estate security interest in a loan if you have no assets??!!

You'd have to own property and they'd have to be listed on the Deed/Title to the property.

They obviously mistaked the rent house as the owned property. Ignore & proceed. Just another scare threat/tactics.

Relax and take a deep breath. It appears that Chase things they have a security interest in some propery for your debt. If this is correct then and you do not own any property you may have a claim for violating parts of the debt collection and protection act.
regards,
emoney

oh gosh, i don't understand either. No way it's purchased; it's government housing.

I will verify it though.


Also, I'm going to scan you a copy of the letter I received via PM

Relax and take a deep breath. It appears that Chase things they have a security interest in some propery for your debt. If this is correct then and you do not own any property you may have a claim for violating parts of the debt collection and protection act.
regards,
emoney

thanks emoney for soothing my nerves, however I will have to verify my grandma's apartment situation but I'm sure it's government housing for senior citizens.

They obviously mistaked the rent house as the owned property. Ignore & proceed. Just another scare threat/tactics.

thanks Bkonce for your kind words

The flip side of this, however...is whether you pledged the apartment as security. If you did, and you don't have any ownership interest in the apartment, then by all accounts you committed fraud.

However, what is more likely is that Chase has their documentation screwed up.

The flip side of this, however...is whether you pledged the apartment as security. If you did, and you don't have any ownership interest in the apartment, then by all accounts you committed fraud.

However, what is more likely is that Chase has their documentation screwed up.

OH MAN, thanks for the info , I'll be going back on the old loan form that I have. thanks.

**I've read the loan agreement form, where the check was attached, and nowhere it said my apartment was to be used for security.........

could be more that i don't know of...

does anyone have any more info? thanks so much

Here's what I think it's saying, but you need to confirm some things to be sure.
Confirm that this is a rental. Confirm that your name is not on an title to any property. Confirm that your original loan was unsecured.

What they are saying is:
1. You are behind on your loan with us.
2. We could sue you for that.
3. If we sued you for that we could attach a lien on a home if you owned one.
4. If we had a lien on your home we could foreclose on you.

They're just rattling your cage.

I also have a BONY signature loan that I know is unsecured that started out at $25,000 and now is $15,000. I think they are just rattling your chain. Guess they will be rattling mine next.:aggress:

thanks liaah and spell for the words of comfort! i hope so too!