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Asked 11/3/2011
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How do i find out if we have not recieved anything legal tell us our home is been Foreclosed? Two days ago I went to the mail box and had a letter from a attoreny that they say are representing Bank Of America to collect our home debit. There was one letter to me and two t my husband. Looks like they are asking for in full amunt. Our home it says is in default. My husband told me that it had to go into default because if it did we could pull off our 401k to pay it getting it current.
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Answer 1/2 - Submitted 11/3/2011
Your first step should be to contact the people at the Bank of America where you got the mortgage and ask them what can be done to save your home.
The federal government has offered incentives to all the big banks and other lenders to do everything they can to help people refinance to pay their mortgages more comfortably, instead of continuing on with the avalanche of foreclosures that's ruining American family life all across the country.
You can contact the federal housing authorities also. You could go into court to try to halt the foreclosure on the ground that you have the 401k money to bring payments up to date, and have asked repeatedly for alternatives to foreclosure, offering to work with the bank to refinance or do any settlement of your mortgage account that they suggest.
Also contact competing banks and lenders to see if they can take over the mortgage by paying off the Bank of America and initiating a new mortgage with them.
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