| When a person comes to know about his home | | | | state law]. At this juncture the home owner can |
| foreclosure he tends to think a long haul process | | | | work out the payments with the bank but only if |
| along with a fear of losing his dream home. The | | | | he is able to pay the full pay and nothing less than |
| foreclosure is a process in which a lender tries to | | | | that is accepted. |
| get their money back from the borrower. The | | | | * Then the court date is set and the owner and |
| foreclosure process by bank of America is not | | | | anyone interested in buying the property is |
| different from any other bank but it's the last | | | | present alongside the lender. The court issues an |
| step from their side to get their money back. | | | | order in favor of the lender and the auction date |
| How BOA Initiates the Foreclosure Process | | | | is worked out. Then the auction dates arrives and |
| * The process starts when a person defaults on | | | | the house is sold off. The money from the |
| his monthly installments and bank sends a hardship | | | | auction is first used to pay the real estate dues |
| letter or a letter stating that to make payments | | | | and then the mortgage. If any money is left after |
| at time. Another reminder is sent to you if you | | | | that that is given to the original home owner. |
| have ignored the earlier one. It is further | | | | After that also there is a time period in which |
| mentioned that if you do not make the payment | | | | owner can buy back his house if he's able to |
| in the time allotted, the bank will foreclose your | | | | arrange the money. |
| loan. | | | | You can even go for a short sale as your lender |
| * The owner of property is also liable to any late | | | | will allow you to sell off the home at a lower price |
| fees, extra legal charges and other late fees | | | | than the value of the property to avoid |
| payments. If the borrower is not able to or does | | | | foreclosure. Other ways you can avoid |
| not pay the full pay, then banks send him a | | | | foreclosure process is through the help of |
| certified letter of foreclosure and it is served to | | | | Obama's stimulus plan where you can go for loan |
| him by local sheriff or a processor. According to | | | | modification or a refinance. It is advised that you |
| foreclosure process of bank of America; the bank | | | | must write a effective hardship letter to prove |
| will issue a public notice in a local newspaper of | | | | your hardship to save your home. |
| the awaited payments [subjected to the local | | | | |