Staff Writer
Associated Press

Salt Lake City, UT / October 8, 2010 / --  Bank of America's announcement this morning has left millions of home owners and their legal counsels wondering what does all this foreclosure freeze talk really mean.  Well after contacting Bank of America, Perfect Home Living was able to learn information that can answer some of the more frequently asked questions concerning the Bank of America Foreclosure Freeze for right now.  Perfect Home Living still encourages home owner's to contact Bank of America directly if you have specific questions concerning specific situations at Bank of America (800) 669-6607.    

Q: My home was recently sold at a foreclosure sale and Bank of America was my lender does that mean that my sale will be reversed?

A: No.  All sales previously conducted by Bank of America will remain as active sales and by remaining in the home you could be evicted. 

Q: What if Bank of America sold my home at a trustee sale and Bank of America was the buyer? 

A: The sale remains in effect and if you have not been evicted from the home, according to Bank of America, they will not take any steps to forcibly remove you from the home during the bank freeze.  Yet keep in mind that eventually the freeze will be lifted and finding a place to live can be difficult if you have not saved or set aside funds for your housing transition. 

Q: I have defaulted on my mortgage and Bank of America has notified me that home will be sold at a trustee sale.  Does this current freeze stop the sale of my home?

A. Yes.  If the sale of your was to occur anytime after the announcement by Bank of America concerning its foreclosure sale freeze then the sale of your home has been postponed.  

Q: I just recently got a notice that my loan with Bank of America is in default, does this recent freeze stop Bank of America from pursuing any further actions like sale my home at a trustee sale?

A: For most states the foreclosure process takes time and according to representatives of Bank of America, Bank of America will not be seeking to conduct any trustee sales during the freeze period.

Q: I am currently behind on my Bank of America Mortgage but have not received a Notice of Default.  How does this affect me?

A. Bank of America will continue its current style of accounting practices ensuring that delinquent borrowers are being tracked and default notices submitted.  Yet it is also important to remember that during this time Bank of America is proactively seeking remedies to ensure that the delinquent borrowers remain in the home.  Bank of America offers numerous loan modification programs that delinquent borrowers can take advantage of. 

Home owners should be extremely cautious of carpetbaggers posing as loan  modification companies claiming to provide loan modification services that lenders provide for FREE.  The fear of losing your home; the wonder of who to call; what to do next; and how to convince your lender that reducing your monthly payment, interest rate or both is the best solution for all parties involved is no easy task.  Yet in every state there exists loan modification companies complete with counselors claiming to do just that. 

Loan modification companies advertise that they are the game-changers for families facing foreclosure.  According to many loan modification companies they advertise via their websites that they have a direct contact with lenders which in turn improves the delinquent borrowers chances for a loan modification (Click link to learn more: http://www.perfecthomeliving.com/home loan modification counselors revolutionaries or overhype gimmickshtm.htm .

For additional information please contact Sheri Fitzpatrick at sheri@perfecthomeliving.com

About Perfect Home Living 

Perfect Home Living is a nationally recognized non-profit leader that assists in implementing programs and providing training and education to financial lenders, government entities, banking regulators, consumers and licensed professionals to red flags within today's  real estate market.   For more information or to request assistance please visit us online at:  http://www.PerfectHomeLiving.com or email sheri@perfecthomeliving.com