Countrywide no longer........

[SereneDean]

Bank of America Corp. will rebrand its Countrywide Financial Corp. mortgage unit, a company spokesman confirmed.
Countrywide will be renamed Bank of America Home loans in late April.
In addition, according to The Wall Street Journal, Charlotte, N.C.-based BofA (NYSE: BAC) plans to hire 1,000 people in its mortgage unit and move 500 employees to mortgage processing from home-equity processing.


Now, I wonder, if I default on my home loan, if B of A will be able to withdraw cash out of my f A Checking account since I have my 1st with CW, direct deposit with B of A & 3 credit cards with them....

[teenut]

thats a good question?? I have been trying to save as much as possible just incase NACA doesnt work out. Should I be thinking about changing banks??

[helpsavemyhome]

My husband and I have our checking account with BofA and we were advised by someone on a lawyers message board to open a new account elsewhere. We were told that BofA can and will remove money from the account if you owe money on mortgages and/or credit cards and it is legal for them to do so. I believe it is called "right of set off" or something like that.

Hope this helps.

[SereneDean]

Originally Posted by helpsavemyhome

My husband and I have our checking account with BofA and we were advised by someone on a lawyers message board to open a new account elsewhere. We were told that BofA can and will remove money from the account if you owe money on mortgages and/or credit cards and it is legal for them to do so. I believe it is called "right of set off" or something like that.

Hope this helps.

It does give me incentive to open another acct with another bank. I live on a monthly Social Security Disability check and a Long Term Disability check. I had to get a part-time job to get my "nose above water" & not fall behind on my mortgage or other bills. I think I heard that the bank can't or won't take SSDI or other "disability" monies from me but I'm really unsure at this point...I DO think that they CAN take my pittance of a paycheck from my part-time job, however.

[helpsavemyhome]

Yes, it's better to be safe than sorry...that's how I look at it. There are so many people struggling right now and it isn't fair for banks to be able to do this.

Good luck to you! I hope everything works out!

[SereneDean]

Originally Posted by helpsavemyhome

Yes, it's better to be safe than sorry...that's how I look at it. There are so many people struggling right now and it isn't fair for banks to be able to do this.

Good luck to you! I hope everything works out!

Thanks for your Well-Wishes ....

I Googled "right to set off" & found info....So, even after reading the info, I'm going to switch banks.....

[gray517]

Countrywide has been Bank of America since July 08 when Bank of America bought countrywide, they just kept the Countrywide name there. looks like the 2 mortgage operations are going to merge totally now. with the banks being as greedy as the next person, I would definately not have my mortgage and checking account both with boa

[SereneDean]

Originally Posted by gray517

Countrywide has been Bank of America since July 08 when Bank of America bought countrywide, they just kept the Countrywide name there. looks like the 2 mortgage operations are going to merge totally now. with the banks being as greedy as the next person, I would definately not have my mortgage and checking account both with boa

Yeah, I knew they'd merged but I wasn't sure if CW would be able to go into my checking acct at that time, had I fallen behind. I know BofA will, however, by law, they shouldn't touch my SSDI. I'm still not taking any chances...
I wonder if I should try to call BofA directly for a loan mod, you know? It's been such a joke dealing with CW & CitiMortgage. Actually, I finally ended up submitting everything to NACA a few days ago. I tried the direct route with CW & CitiMortgage since Oct 2008 & all I got were gray hairs, wrinkles & more headaches.

[gray517]

Originally Posted by SereneDean

Yeah, I knew they'd merged but I wasn't sure if CW would be able to go into my checking acct at that time, had I fallen behind. I know BofA will, however, by law, they shouldn't touch my SSDI. I'm still not taking any chances...
I wonder if I should try to call BofA directly for a loan mod, you know? It's been such a joke dealing with CW & CitiMortgage. Actually, I finally ended up submitting everything to NACA a few days ago. I tried the direct route with CW & CitiMortgage since Oct 2008 & all I got were gray hairs, wrinkles & more headaches.

when I couldn't get a straight answer from CW last September I called BOA, all they did was refer me back to CW. Going with Naca is your best option, I still would not give up trying to get something out of CW, just in case as a plan B, in case Naca isn't able to help you. I don't think we would have gotten the great modification we did if it wasn't for Naca, and I am so glad I called them. their process is slow (but not any slower than cw) and sometimes talking to the reps is frustrating like talking to the reps at CW, Naca is overwelmed too and I think alot of it is they are as frustrated as we are dealing with the CW circus, but at least the people at naca really want to help struggling homeowners. I wouldn't trust the bank even with ssdi checks. you should find a bank that maybe will give you an incentive or free checking and switch your accounts just in case.