I stopped paying on my credit cards and mortgage in Feb, so I have missed my Feb and March mtg payments. I just received a certified letter from BoA that is a "Notice of Intent to Accelerate."
The notice says that if the default is not cured on/before a date in mid-April, "the mortgage payments will be accelerated with the full amount remaining accelerated and becoming due and payable in full, and foreclosure proceedings will be initiated at that time. As such, the faulure to cure the default may result in the foreclosure and sale of your property..."
What happens next, and how quickly does it happen? I was planning on waiting until notice of sheriff's sale to file Chapter 7 and was thinking/hoping that wouldn't happen until at least June... Would applying for HAMP get me more time?
I'm also going to consult w/ my BK attorney...
Thanks! -Tacco
The notice says that if the default is not cured on/before a date in mid-April, "the mortgage payments will be accelerated with the full amount remaining accelerated and becoming due and payable in full, and foreclosure proceedings will be initiated at that time. As such, the faulure to cure the default may result in the foreclosure and sale of your property..."
What happens next, and how quickly does it happen? I was planning on waiting until notice of sheriff's sale to file Chapter 7 and was thinking/hoping that wouldn't happen until at least June... Would applying for HAMP get me more time?
I'm also going to consult w/ my BK attorney...
Thanks! -Tacco