How do I request a payoff letter from Bank of America?

Please contact customer service 800.934. 5626 (Mon-Fri 8am-9pm EST) to request a payoff breakdown. There is no charge to have a payoff statement mailed to you or an authorized third party.

What is the standard waiting period for a borrower that has had a prior foreclosure to be eligible for a conventional loan?

seven years
Conventional loans The conventional foreclosure waiting period is typically seven years, though it may be shortened to three years in extenuating circumstances. Examples of this might include: Divorce.

What’s the minimum time required between the time a notice of trustee’s sale is recorded and the day the sale takes place?

If you do not pay what you owe, a Notice of Sale is recorded (at least 90 days after the Notice of Default is recorded). The Notice of Sale states that the trustee will sell your home at auction in 21 days.

What are the steps of the default foreclosure process?

1. Phase 1: Payment Default.
2. Phase 2: Notice of Default.
3. Phase 3: Notice of Trustee’s Sale.
4. Phase 4: Trustee’s Sale.
5. Phase 5: Real Estate Owned (REO)
6. Phase 6: Eviction.
7. Foreclosure and COVD-19 Relief.
8. The Bottom Line.

What is the grace period for Bank of America Mortgage?

15 days
The grace period is 15 days past the payment due date listed in your Promissory Note. A late fee will be assessed after the grace period has expired. Where can I see details about my loan payments? Details are available on your monthly mortgage statement or at www.bankofamerica.com.

Does Bank of America have a prepayment penalty mortgage?

Otherwise, Bank of America does not charge any prepayment penalty for its FHA, VA, Jumbo, or Conventional mortgage loans.

What is considered extenuating circumstances for foreclosure?

Extenuating circumstances are defined as nonrecurring events beyond the borrower’s control resulting in a sudden loss of income or a significant increase in financial obligations. Examples of extenuating circumstances include death, divorce and illness.

Will mortgage forbearance continue in 2021?

An additional COVID-19 Forbearance or HECM Extension period for borrowers recently seeking assistance: FHA is now providing up to six months of additional forbearance for borrowers who requested or will request an initial COVID-19 Forbearance or HECM Extension from their mortgage servicer between July 1, 2021, and …

How does pre-foreclosure work in California?

In the pre-foreclosure stage, homeowners have fallen behind on their mortgage payments and received a notice of default from the lender. From then, they have three months to make up for the default on the mortgage before the lender schedules a foreclosure sale.

How long does pre-foreclosure last in California?

Pre-foreclosure in California is as short as 111 days, consisting of a 90-day default notice period followed by a 21-day foreclosure sale notice period.

What is foreclosure notice?

If you receive a foreclosure notice in the mail, it means you’ve fallen far enough behind in your mortgage payments that your lender intends to take your property and sell it off unless you make up the late payments.

What Lien has the highest priority?

first lien
A first lien has a higher priority than other liens and gets first crack at the sale proceeds. If any sale proceeds are left after the first lien is paid in full, the excess proceeds go to the second lien—like a second-mortgage lender or judgment creditor—until that lien is paid off, and so on.