Bank of America sold my loan to BAC?

[Riley18]

I do not know what this means to me, but it is probably not good. I am currently in a forbearance plan with BofA which expires in November. Now I don't even know where to send the last payment.

[nativelasvegan]

Hi Riley. Did you receive a notice, a letter? BAC stands for Bank of America Corporation. BOA and BAC I believe are one in the same. Post what you received and we can try to help you find out what is going on.

[Peace4all]

Yes, same happened to me. I recently got my mod done (temporary interest rate reduction for 5 years) and made my first payment this month.

Received letter for both first and second loans from BoA (both loans owned by BoA as investor). The letter said, the loans are being transfered to its subsidiary BAC Home loans for servicing. The new servicer is located in Simi Valley in CA(which I see frequently in forum where modifications are handled).

One thing that made me concerned is the fact that they are changing the account numbers on both. I'm concerned if this will have any credit score dent or collapse. I'm also concerned if they are flagging the modified loans seperately.

I was told my auto deduction wont be intterruped (but folks paying manually or bill pay etc need to make their changes)

Riley18-Since they have also transfered me after finishing my mod, I do not think it neccessarily impacts your mod. The letter has the details of where to send the new payment (after Nov 16). Before that date you can send to the old place as mentioned in the letter.

[BobandArlyn]

Just an FYI, it seems that BofA may be transferring all their MODS and their FORECLOSED properties to BAC. In my job, we deal with the securing the vacant homes and keeping the properties up.....what we are finding are notices left on the foreclosed homes that BAC is now the owners of these homes. BAC must be housing the 'at risk' properties.

My thoughts anyway

[Peace4all]

I too agree with BobandArlyn.

Makes me think its easier for them to show losses to President/TARP etc and also helps to them to put all horrible customer service on this side and put nice and happy customer service to other money bringing areas.

Soon time shud tell...

[Riley18]

Thanks, I was wondering if they were dumping me because of the forbearance and I that is what they are doing. So they will be able to say that BofA is doing a great job with their customers, and too bad about BAC with their poor customer service.

I sent an email to the OOP basically saying I understand now why they have not helped me for a year now because they were getting ready to transfer my loan. They also gave me a new loan number. I also needed to ask them if and where to send the November payment.

Also, had to send NACA the new info since they finally submitted my file on October 14th.

[Riley18]

Originally Posted by nativelasvegan

Hi Riley. Did you receive a notice, a letter? BAC stands for Bank of America Corporation. BOA and BAC I believe are one in the same. Post what you received and we can try to help you find out what is going on.

Yes, the BOA sent a letter stating they will transfer my mortgage to BAC on November 16th. I think it really got me angry because NACA mentioned Nov. 14th as a date when they might actually hear something from BOA, and that isn't going to happen now - not that it would have anyway.

[nmwadam]

[QUOTE=BobandArlyn;143095]Just an FYI, it seems that BofA may be transferring all their MODS and their FORECLOSED properties to BAC. In my job, we deal with the securing the vacant homes and keeping the properties up.....what we are finding are notices left on the foreclosed homes that BAC is now the owners of these homes. BAC must be housing the 'at risk' properties.

My thoughts anyway[/QUOTE

I got the same letter Saturday, my trial MOD just started.

I wonder if they are doing this to all loans in default if we can sue them for something.

[kcchica]

My inlaws just mentioned that their 2nd is with BOFA and is being transferred to to BAC.. (It was originally with countrywide). Their first is with WF and they aren't trying to modify. So maybe all loans are being transferred??

[Sparkss]

I also received a similar letter. I found this in my search for BAC Home Loans :

"Effective April 27, 2009, Countrywide Home Loans (CHL) changed their name to BAC Home Loan Servicing"

[Esteban1901]

Same happened to me. I've just received a letter saying starting November 16 my loan with Bank of America will be transfer to BAC Home Loans Servicing LP and also they provided a new loan number account.

[dan m]

looks like they're making a good bank bad bank

[Justmo]

Well folks here I am.
Dazed and confused... Bank of Amer. sold my loan to BAC. I am not in foreclosure and do not have a loan mod. I did call back in April for assistance but BOA lost the paperwork 6 times. I finally overnighted it. They got in Aug. then effective 11/16 sold the acct over. Now I called today and the automated system isnt working, it keeps disconnecting me, and their internal computers are down and they cant pull up any info. People are rude, nasty , impatient and dont want to help.
Unbelieveable
They also told me that BOA's old loan mod., loss,mitg, and forebearance program is now no longer working with people tho hv current mortgages.

The new dept (for people whose mortgages are less than 30 days overdue) i.e. current. is called Imminent Default. The ID dept is part of Home retention services. Home retention is primarily debt collection but theyalso do loan mods.
The # for the loan mod, home retention is # 800.669.0102
unfortunately as of 11/17.09 the number is not working and will disconnect you.
The # for imminent default to try and find out the staus of your loan mod request is # 866.831.8358. But the computers are down and they cannot access any accounts.

When you call regular customer service # 800.669.6607 the recording tells you that this is BAC home loan servicing lp, we are a debt collector. They didnt evne bother to change their voice mail to welcome new customers in good standing who are not in foreclosure. They want you to know immediately that what they do is debt collections..

May God help us all...