BOA home loans called today

[Gabriel_S]

Ok, Im sooo confused. I had a chapter 7 discharge in March of 2009. My home loan with Countrywide was included in the discharge. Yesterday I got a letter of intent from BOA (pre-foreclosure notice). This morning the BOA home loans Dept called me, told me they are a debt collector and went over some options with me.

What has me worried is he told me, that as a last resort they would liquidate my assets. I was always under the impression that chapter 7 protected me from any liquidation except for taking my home. As everyone knows. Countrywide was bought out by BOA.

Can they actually do this? Take me vehicle etc? Can someone please shed some light on this for me? I called up my BR attorney but they have not returned my phone call.

I'm in WA State btw.

TIA!

[LadyInTheRed]

If you did not reaffirm your mortgage, the bank is in violation of the permanent injunction against collection efforts. All they can do is foreclose and take the house. All communcations they initiate should be required for foreclosure. They can't liquidate your other assets. The person you spoke to is trying to scare you and is breaking the law. Hopefully, your attorney will send a strongly worded letter.

[Gabriel_S]

If you did not reaffirm your mortgage, the bank is in violation of the permanent injunction against collection efforts. All they can do is foreclose and take the house. All communcations they initiate should be required for foreclosure. They can't liquidate your other assets. The person you spoke to is trying to scare you and is breaking the law. Hopefully, your attorney will send a strongly worded letter.

Thanks so much for the reply. No, I did not reaffirm the mortgage and I'm still making payments on my car (it should be paid in full by Jan 2013). My vehicle is also financed by BOA. Haven't missed any payments at all yet on my vehicle but I stopped paying my mortgage after my discharge.

Any idea how long the forclosure process takes from the letter of intent to foreclose in Wa. State?

Thanks again ...

[keepsmiling]

Seek sanctions and get cash for this bs.

[OhioFiler]

I don't see anything wrong with what he claims they said beyond the plural form of assets. The OP should have asked for clarification right then.

[shark66]

I don't see anything wrong with what he claims they said beyond the plural form of assets.

The entire concept of "collecting debt" which has been discharged is downright illegal.

The OP should have asked for clarification right then.

This point I agree with. I'd make sure to straighten them out if they called again, and record the conversation while I'm at it.

Good luck to us all.

[Gabriel_S]

Thanks for all the feedback guys! For the record, I did ask what he meant by liquidating my assets. The loan rep avoided a direct answer to this question. I'm still waiting for my attorney to get back to me to see what actions we can take. He did mention that forcosure would be a last resort and to try to look at other options 1st. A short sale is defintely out of the question as far as I'm concerned. I'm probably just going to wait it out. Hopefully by the time I get my defualt notice to the actual foreclosure it will another 10 or 12 months.

[ValleYum]

Any idea how long the forclosure process takes from the letter of intent to foreclose in Wa. State?

Thanks again ...

From the Washington State Attorney General's office:

http://www.atg.wa.gov/uploadedFiles/Home/Safeguarding_Consumers/Consumer_Issues_A-Z/Foreclosures/Foreclosuretimelines.pdf

This is a timeline based on receiving your NOD after 30 days of default. From receiving the NOD onward the minimum time periods are set by state law.

Some lenders file the NOD then don't do anything - it's different I am thinking based on factors like the local inventory of bank-owned homes, demand of the local housing market, PMI, etc.

Some banks send the notice of intent letters several times before filing the NOD from what I have seen on several foreclosure forums I read.

Hope this helps!

[OhioFiler]

It reads to me that BOA was attempting to offer the OP opportunities to forestall foreclosure. I take that as a reasonable offer to help the consumer avoid the loss of his house not an attempt to collect a debt. I doubt the BOA agent actually identrified himself/herself as a debt collector. It's hard for me to imagine a company as large as BOA would allow illegal activity by its agents.

[Pajrnjam]

Gabriel-when did you stop paying your mortgage? I am also in Wa state and planning ch7 to include the BAC loan. We have not pd since 4/10.

[Drazil65]

It's hard for me to imagine a company as large as BOA would allow illegal activity by its agents.[/QUOTE]

Have you read any of the media regarding robo-signing documents to foreclose without documentation, yeah that was BOA. So much for not allowing illegal activity by its agents, nice right?

OP: Not sure how this might play into the scenario but is your BOA car loan crossed collatarized by any chance? Perhaps that is what the caller was referring to when they mentioned liquidating your other assets? If your car note mentions this (I know alot of car notes have a cross collateralization clause) I would mention it to your attorney in case he needs to address this issue just in case. Good Luck!

[Gabriel_S]

Not sure what you mean by cross colaterized. I bought my car in 2007, BOA financed it. It was included in the BR. I only have 6 months of payments left on it. Never missed a payment or been late.

BOA did call me 2 more times since, both times they indicated they were a debt collector!

It's hard for me to imagine a company as large as BOA would allow illegal activity by its agents.

Have you read any of the media regarding robo-signing documents to foreclose without documentation, yeah that was BOA. So much for not allowing illegal activity by its agents, nice right?

OP: Not sure how this might play into the scenario but is your BOA car loan crossed collatarized by any chance? Perhaps that is what the caller was referring to when they mentioned liquidating your other assets? If your car note mentions this (I know alot of car notes have a cross collateralization clause) I would mention it to your attorney in case he needs to address this issue just in case. Good Luck!

[Gabriel_S]

Hi, I stopped paying in April of 2009. Lost my job that month and have been unble to find any employment since. I was really hoping to save a ton of cash after my BR, as of now, I'm only getting enough from UI to pay my bills.

Gabriel-when did you stop paying your mortgage? I am also in Wa state and planning ch7 to include the BAC loan. We have not pd since 4/10.