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Acceleration Warning: Notice of Intent to Foreclose?!

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    #1

    Acceleration Warning: Notice of Intent to Foreclose?!

    I just recd a notice from Chase today. It is an "Acceleration Warning: Notice of Intent to Foreclose". It states that I need to bring my past due amount current within 32 days or they will foreclose. I don't know if this is the first stage of the foreclosure process or if I only truly have 32 days to vacate. Of course this is freaking me out greatly!

    I filed a Chap 13 in June 2007. Kept mortgage payment outside of BK and was current. However I lost my job last year and stopped making payments. So I am now 1 yr behind in payments. During this past year, the Trustee has gone back and forth regarding my plan and has not officially approved it. So my attorney told me that while I'm in limbo, nothing can happen. Is this true? I'm confused why now all of a sudden I'm getting a letter after all this time. The letter does state that they are willing to help me keep the house so should I contact them or should I go through my attorney? I've called him today but haven't heard back.

    Has anyone received an Acceleration Notice and can help me figure out my timeline?

    Thanks so much for your time....
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    #2
    I've never received one of those letters, but it sounds like a mere demand for payment. I would really start to worry when the NOD appears (notice of default). Have you gotten one of those?
    Filed BK (Ch. 7) 6/2/08
    Discharged!! 9/24/08
    Closed..the end! 10/1/08

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      #3
      The acceleration notice is the first step of the foreclosure. There is still a long way to go. Wait for your attorney to call you back you have a bit of time.

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        #4
        I got that one today also.
        same words my lawyer says we have until Feb 27 before they can sell the house.
        We are bailing soon. the BK was enough on us.
        we are tired and in our 50s this is my fifth house I had 2 free and clear.
        Chapter 7 07/30/2008
        341 09/17/2008
        Discharge 11/21/2008

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          #5
          Whew...thanks everyone. I was thinking I had to start packing in 32 days! What a relief to know that there is still time left. I will wait to hear back from my attorney.

          thank you all who replied. this forum is a godsend for people going through hard times.

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