BOA sold my loan

**soccer** · 06-30-2012, 10:44 AM

Hello all,

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.

**OverandDone** · 06-30-2012, 03:53 PM

Did the letter you received say who owns or services your loan now? It should have.

**Cat Damiano** · 07-01-2012, 10:05 AM

Hi soccer,

Welcome to the forum and thank you for joining...........

The foreclosure process will follow the laws of your state, so if your loan is in foreclosure, it would still be even through a transfer to a new servicer. What state are you located in?

You can also try contacting the executive team at BofA to see if they can tell you who your loan was transferred to if you have not received the letter.

They can be reached here;

1-704-386-5687

**soccer** · 07-02-2012, 07:04 AM

Hello and thank you for the responses..

I guess i did not put my question correctly..

Since my initial letter from BOA explained that i will get something in the mail soon from my new loan services, i didn't pay much attention to that, so my question is would it be safe to assume that the company is still working on the paper work and I'll get all the info soon, or I should contact BOA and ask for their detailed info ?

Originally Posted by Cat Damiano

Hi soccer,

Welcome to the forum and thank you for joining...........

The foreclosure process will follow the laws of your state, so if your loan is in foreclosure, it would still be even through a transfer to a new servicer. What state are you located in?

You can also try contacting the executive team at BofA to see if they can tell you who your loan was transferred to if you have not received the letter.

They can be reached here;

1-704-386-5687

**Cat Damiano** · 07-02-2012, 08:35 AM

You had mentioned in your post that that you should be on payment number 2 with the new servicer and still have not received anything. Before it gets further, you may want to check and make sure that your loan was in fact transferred and when exactly you will hear something, and also, who the loan was being transferred to.

**soccer** · 07-02-2012, 08:47 AM

That is correct, this month should be the second payment.. When I called the BOA they said they have no info on my loan as its not being handled by them anymore.. I even spoke to a supervisor.. The letter said i should expect information with the info of the new servicer in the coming days.. I'll BOA again, i just seem not to find that only BAO letter with the company name of the new service darn it...