BOA sent acceleration notice

[Drazil65]

2 missed 1st mortgage payments and we rec'd notice to accelerate today in mail. They never called and only sent the "you are past due" on the regular monthly notice. How much time before things get really ugly with them? Not filing until until late Oct/early Nov, how worried should we be? The home is for sale (short sale, is a rental also) and we still have tenants for at least another month.

[tobee43]

north carolina is a non-judicial state, which means no way to stop the process via the court system and usually, as i have realized on this forum, go much quicker with their process than that of a judicial state.

i would check your county sheriff's site as many of them list the foreclosures and you can see how fast they are moving. i have heard everything from a few months to a few weeks depending on how quickly your area is moving on them.

sorry to hear, best of luck to you!

[ValleYum]

We got a Notice to Accelerate a month before we filed and a second one just after our discharge (from Chase). Then, they filed our NOD in mid-May.

In our non-judicial state, they have to wait 30 days after the NOD to file the Notice of Trustee Sale. They have yet to file that and it has been over 90 days. They will have to refile the NOD after 180 days.

Sometimes, IMO, they just seem to file these things quickly to keep their options open and do not immediately do the "follow-through" as soon as they are able.

[Drazil65]

Thanks for all the replies, we were a little surprised to see it so soon. Its on our out of state rental (OHIO) but I guess if it gets the deed out of my husbands name sooner then maybe a mixed blessing as we are still paying HOA's and we will surrender at chp 7 anyway. We have this 1st mortgage and one of the CC ($9,000) we stopped paying July 1st with BOA and they have not contacted us outside of the regular monthly invoices, are they normally so quiet with defaults? We expected them to be the most vocal since they are by far our most difficult creditor normally.

[JackBondLove]

What is an acceleration notice?

[discouraged]

MN is a judicial state and I received my notice after 3 months of nonpayment, Sept 2010. Bk was filed in March, 2011 and closed July 8, 2011 - still nothing about a Sheriff's sale. In fact, I called the Sheriff's office to see what the procedure was and they said I would be served a notice prior to the sale so now I just wait.

[tobee43]

it really another way under of advising one that the lender is foreclosing on your property.

TITLE 12 > CHAPTER 38A > § 3757

§ 3757. Notice of default and foreclosure sale .

an acceleration allows the mortgage holder to declare the entire debt of what is owned on the property, usually including fees, costs etcc., while also in effect is an order to provide public notice of the pendency of the foreclosure action.