A Bank of America foreclosure home is a home that had a mortgage or mortgages with Bank of America. Unfortunately, the homeowner could not pay his or her mortgage payments over a long period of time and Bank of America decided that foreclosure was the only way to go.
If Bank of America decides that foreclosure is the right thing to do, it will take them awhile to start the Bank of America foreclosure process. The homeowner has many months to try to catch up on the mortgage payments before he or she has to go through the Bank of America foreclosure process. Bank of America usually does not get aggressive in collecting from the homeowner until many months later.
The Bank of America foreclosure process starts when Bank of America sends out a foreclosure notice. Bank of America may call the homeowner repeatedly to try to figure something out or the bank can just be silent and send out the foreclosure notice depending on the area you are in and the account manager.
Most people start to really be afraid of Bank of America foreclosure when the bank actually sends out official notices of foreclosure. They then try to call the bank repeatedly. Sometimes, it is too late to negotiate with the bank but other times the bank will still be willing to work something out with the homeowner. When calling Bank of America, the homeowner needs to talk to someone with authority to negotiate.
Calling Bank of America to negotiate with them is not the only way to stop the foreclosure process. There are many ways a homeowner can help himself or herself. He or she can put the home on the market and try to sell at a high enough price to pay off the lender. After all, it is far better to sell the home yourself, on your terms, rather than have Bank of America take it away from you.
To beat a Bank of America foreclosure, a homeowner needs to know what to do. Sadly, most people do not know that they have lots of options even when their home is worth so little that they feel it is best to let the bank take it. A real estate short sale, for example, can help them get out of a large mortgage even when the value of their home is small in comparison.
In summary, a Bank of America foreclosure is not something that you cannot beat. If you understand how a Bank of America foreclosure works, you will be able to find ways to stop it or avoid it. Knowing how to beat a Bank of America foreclosure well in advance will give you a better chance of keeping yourself from the trauma of foreclosure and the risk of destroying your credit.
Author: FrankPetras
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