U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Foreclosures, Short Sales, and REOs
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
 
Old 04-21-2011, 07:12 AM
 
Location: Texas but Washington dreams SOON
48 posts, read 75,347 times
Reputation: 21
Default What does this mean BOA Notice of Rescission of Loan Maturity

RESCISSION OF ACCELERATION OF LOAN MATURITY

"This letter is formal notice of the following:
Mortgagee under the deed of trust below hereby recinds the notice of acceleration dated 08/08/10 and all prior notices of acceleration. This recission of acceleration does not waive or suspend the rights,interests, or claims of Mortagee, its successor or assigns and collect in the future the debt owed by borrower. Mortagagee has appointed the undersigned as its duly agent to execute this instrument on its behalf for the purposes herein stated"

Got a certified letter from Bank of America attorneys stating the above

Can someone please advise the meaning of this letter and what if anything to expect in the future?

Thank you
Quick reply to this message

 
Old 04-21-2011, 07:40 AM
 
Location: South Metro Denver for 25 years
8,585 posts, read 18,727,491 times
Reputation: 4311
I would call them or your favorite real estate attorney.
Quick reply to this message
 
Old 04-21-2011, 09:19 AM
 
Location: Kansas City North
2,095 posts, read 2,725,734 times
Reputation: 1758
I'm not an attorney but I do know how to Google:

Notice of acceleration: A notice of acceleration is a written notice sent to the borrower notifying the borrower that (1) a default has not been cured, and (2) the servicer will accelerate the mortgage and call all sums due and payable if the default is not cured within 30 days of the notice..

Recission:The revocation, cancellation, or repeal of a law, order, or agreement

So....you previously got a notice dated 8/8/10 that BOA was demanding the entire mortgage due now because of your failure to pay

Now this letter comes saying, uh, never mind, (I assume you have caught up your payments?) - but, all the original terms, conditions, etc. in the mortgage remain, and if you fall behind again, you may get another notice of acceleration.

If someone who is smarter than me or Google has a different interpretation, please post.
Quick reply to this message
 
Old 04-21-2011, 09:22 AM
 
Location: Salem, OR
10,850 posts, read 18,116,894 times
Reputation: 6718
I highly doubt the OP became current on their payments. I bet your loan is a MERS loan and they aren't foreclosing on loans in the MERS system at this time, and in fact are revoking those foreclosures. This is happening nationwide.

You will be foreclosed on eventually, but this will delay it for you for a period of time, if you have a MERS "held" loan.
Quick reply to this message
 
Old 04-21-2011, 06:23 PM
 
Location: New York
1,092 posts, read 2,070,427 times
Reputation: 685
Quote:
Originally Posted by stangboss2k View Post
"This letter is formal notice of the following:
Mortgagee under the deed of trust below hereby recinds the notice of acceleration dated 08/08/10 and all prior notices of acceleration. This recission of acceleration does not waive or suspend the rights,interests, or claims of Mortagee, its successor or assigns and collect in the future the debt owed by borrower. Mortagagee has appointed the undersigned as its duly agent to execute this instrument on its behalf for the purposes herein stated"


In my opinion this is a "Get Out of Jail, Pass go and collect $200" card.

Not knowing all your details -is sounds like your involved with a closed end, balloon or construction loan. You need to give us more details. What are the terms of your loan?

Acceleration of maturity is the shortening of the time for the payment when it is due. Seeing the word rescission (spelled correctly), tells me (for whatever reason), simply they're putting on the brakes from either collecting the balance due, possibly modifying the loan.


Quick reply to this message
 
Old 04-21-2011, 07:05 PM
 
Location: Union County
5,071 posts, read 4,753,099 times
Reputation: 3672
Vegas baby!
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:
Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Foreclosures, Short Sales, and REOs
Similar Threads

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top