Bank of America originally owned our 1st mortgage and our Home Equitiy Loan. The 1st mortgage is now in foreclosure but the Home Equity Loan never was foreclosed on because I have kept it current. We owe $37K on our first mortgage with only 3 yrs 3 months to finish paying the loan and also after having the loan 26 years with payments of $900. a month. I could not keep up with the payments due to loss of income. The Home Equity Loan has been kept current with the payment only $225. a month. I was able to keep it up due to budgeting. We still owe $96k on the Home Equity Loan. We just recieved a letter the other day stating that BOA has now sold our 1st mortgage to Ocwen Loan Servicing. With waiting on a court date for the foreclosure on the 1st mortgage. How is BOA able to still foreclose on our 1st loan since they sold it and I am still faced to keep paying the 2nd mortgage to BOA. I thought both loans were tied to our house. So should I keep on paying my Home Equity Loan knowing another company has the 1st mortgage which I guess is still in foreclosure. I would have thought since BOA sold the 1st they already got paid. No word from Ocwen about the change. I am afraid to ask them not knowing what is coming down the road for our future sake.
What to do.