I have a 240,000 1st Mortage-Interest only 7.0% ARM 2 years left and a Variable Rate 60,000 2nd HELOC. both with BofA.
As most people in CA, I am upside down on home value, valued approx 250,000
so I can't really refinance unless I come up with lots of money.
I haven't been able to pay my 2nd for 11 months, but i am current on my 1st
total owed on 2nd its 4,000.
Last friday I got a certified letter from lender ( BofA) "Letter of intent to accelerate"
I guess this means that they will foreclose on the 60,000
Seems kind of silly that they would foreclose in the small mortage, but they have the right to I guess.
Should I try to get them to mod and get on a payback plan?
Or just let them foreclose on this amount?
When people gets this Notice of Acceleration Letter do the lender always forecloses or could they possibly still charge off?
Thanks for your input.