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"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?
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.
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.
"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.
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