firstly, let me start by saying that this site has great info, and I'm glad to live in the internet era where information sharing is at your finger tips..
So i bought my home at the peak of 2004, at the time the interest rate i got was Ok, not the best but OK.
The load was obtained thru Country Wide and sold of to BOA, i been paying on time 99%, with some late payment 3-4 days, and once less than 30 days late.. So recently i receive a letter tha BOA has sold my loan to some other company, don't have the name off hand advising me to wait on the new loan company instruction on the payment..
I had made my last payment with BOA, and waited on the new loan owner to send me the instruction, however I got a letter in the mail by BOA stating their intend to foreclosure my house.. I was panicking a little bit called them immediately, and what i was told they have no control over my load and no information was available anymore on my loan and should ignore the intend to foreclosure letter..
Now my questions are:
1. Could it be that the BOA didn't apply my payments that I made since I know i made didn't apply to my account even though I paid and sold the loan with a larger balance than i actually own ?
2. Can they still foreclose on my home after it was sold to another bank ?
3. Its been 3 weeks and this is my second month to pay and haven't received anything from the new bank on the payments and such, I like it as i have more money in the hands, but I don't want them to contact me and say you own 3 months of payment..
I rather wait for them, and have put the money aside in case they ask for the total, I'm hopping they've lost my papers and I'm mortgage free.. lol j/k..
I'm experiencing a little hardship and would like to negotiate with the new bank lower terms if possible, besides the fact that I'm [paying interest rate of 2004, and the banks are paying almost nothing on the interest.
So any suggestions comment on what should and should not dowill be greatly appreciated ....
Thanks for reading my post.