Foreclosure can be defined as a legal process where a lender sells your property in order to recover its losses that include the balance of the loan, costs of collecting debt and foreclosing on your property. Foreclosure may occur due to any of the reasons mentioned below:
A lender can sell your property at public auctions to recover their losses. In some instances, the lender may take ownership of the foreclosed property if any buyer does not offer a satisfactory bid above a certain amount.
If there is no alternate solution and the foreclosure goes forward, the legal process differs from state to state. However, any foreclosure follows two basic processes namely, judicial and non-judicial foreclosures. A judicial foreclosure is treated as a civil lawsuit and it is conducted under the complete supervision of the court. On the other hand, a non-judicial foreclosure occurs without any kind of formal court proceedings.
In case if you receive a foreclosure notice, make sure that you contact the bank as fast as possible so that the bank can determine whether you are eligible for any kind of loan assistance programs. Bank of America would not commence or advance foreclosure proceedings while your home loan is under review for assistance. The evaluation process will begin only when the bank receives all the documents that they have requested from you. You would not lose your home or no foreclosure sale will be conducted during the evaluation process.
To protect your rights under pertinent foreclosure law, you should continue to respond to any type of foreclosure notices that you may receive. Call the bank at 1.877.340.5909 to enquire about any foreclosure related information. To report other issue call REO Customer Service at 1.866.781.0029 (Mon-Fri 8:00 am EST – 10:00 pm EST, Sat, 11:00 am EST – 4:00 pm EST). It is closed on Sunday.
Foreclosures are real estate owned or bank owned properties that have the potential to provide affordable options to the right homebuyers. Bank of America can provide you the tools and information that will help you find a foreclosed home that fits your budget and homeownership goals. The bank can further help you learn more about home foreclosures and mortgage products that can assist you in buying a bank foreclosure.