What is the current timeframe to stay in house in CA when mtge is with BofA ?

[tammygirl1]

Just curious if anyone knows.... This month will be first month we do not pay...scary

[slam22]

With BofA it's a real crap shoot. We haven't made a payment on our house in San Diego since March 2008 and to date have not received a Notice of Default. They also pay the property taxes and insurance. My employer transferred me to Dallas last April so we have been renting it out in the meantime. YMMV but that's been our experience. Good luck to you.

[liboton21]

I'm in Inland Empire and I have not pay since Sept 2011 and planning to have it rented. It appears to be that former CW loans takes a long time to foreclose after BK. Maybe you can play the HAMPSTER game per loansafe.org.

[bulletproof77]

Just curious if anyone knows.... This month will be first month we do not pay...scary

You have 90 days after you receive the Notice of Default. Then you have about three weeks after that until you receive the Notice of Trust sale. After you receive the NTS, it's about 21 days before the house is sold back to the bank. It can then take up to 30 days before they begin eviction. You will not even receive a NOD until you are 3-4 months behind on your payments. The first item you will receive is a "Notice to Accelerate". This is assuming that your sale is not postponed by the lender. When you start receiving items like a "Substitution of Trustee", you may wish to start making plans. My former house in San Bernardino County (Bank of America/CW) took 11 months start to finish. Banks ARE speeding up foreclosures, particularly Bank of America and the days of a long free ride, are rapidly coming to an end. You will have some people dispute this, but where I live, I see it every day. A friend just lost her house in the same area (BofA)..A quick time frame was last payment 05/11. NOD 09/11, NTS 12/11, sale scheduled for 01/26/12. And this was a house with no equity and a rapidly declining value.

[bk2009]

Wow, we have BOA (original CW) and they said we're 11 months back counting this month. The paperwork came from Mellon Bank. How's that for confusing?

[nohoneymoney]

The time frame will vary with the investor and not so much the bank. When the banks securitized their mortgages they became, in many cases, the administer of the loan and not the owner. In fact your loan could be owned by many investors depending on how many tranches they used. They will determine how fast they will move not the bank. Their speed will depend on their investment strategy and the number of investors ( the more the longer). I agree with bulletproof77 that they are starting to move faster simply because (IMO) because they don't believe the market will recover anytime soon and there are no current court cases holding them up.