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anyone ever ignored an intent to foreclose letter for their 2nd


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I received an intent to foreclose letter last month from BOA requesting us to pay the full past due by 12/6 or else they will proceed with the foreclosure process. My 1st loan is been modified, I have been delinquent on my 2nd since July 2010 it was just sold to BOA from First Franklin a month ago.

My house value has dropped where it will not cover the first loan. I called BOA to inquire about a settlement and they said that they don't offer any and they only do modifications. My first loan is 335,000 and my second is 83,000 house value is around 310,000 high range.

I'm scared of the letter and don't know what to do. I spoke with a bankruptcy attorney to strip the 2nd lien but he wanted an actual appraisal or a CMA done before doing anything to make sure the house value is less than the first loan.

Any advise is appreciated. Thank you

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The intent to foreclose letter is a standard item, it doesn't mean they'll actually do it. They go out based on # of days delinquent.

If they did foreclose they'd get nothing- in fact they'd have to write a check to pay the first mortgage holder in full. Of course BofA is also behaving in a bizarre manner lately, so there's no guarantee they'll avoid foreclosing either.

 

An appraisal will run you about $350, a CMA is a lot cheaper, sometimes free. Ask a couple of realtors.

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