Hello All,

We recently received an escrow account activity statement in the mail today indicating our loan was being transferred from Bank of America to BAC Home Loans Servicing, LP for servicing. My research shows that BAC is still part of B of A. The letter is coming from PO Box in Greensboro, NC 27420-1848.

The transfer notice concerns me because we have never been late on any payment. However, my wife did call some time ago to inquire about the HARP program. Nothing ever materialized out of the inquiry. However, coincidently, we are now receiving the transfer letter. The little reading I have done shows that the majority of these transfers to BAC Home Loans are modifications, etc.

Shoud I be concerned?

Also, I'd like to get some advice on our situation if possible. I am in the military and getting ready to retire after 23yrs in the service. I am a bit nervous and edgy about the future. We want to make sure we are making the right financial moves. Below is our situation...

Mortgage: $268K - $2250/mo (includes property tax & insurance)
Amount Paid for Home: $311 (now worth $305)
Mortgage Interest Rate: 5.75%
ELOC: $210 - $1300/mo (Put a Pool in and paid our vehicles off)
ELOC Interest Rate: First Half of the Loan is Prime minus a 1/4 point and the Other Half is Fixed at 6.25%

We would like to eventually refinance under a VA loan for 20 years. They wont' allow us to refinance right now because we have no more equity left in our home. The job market is extremely dismal right now and my fear is not being able to find a job after retirement.

I'm looking for some experienced advice to help guide us in the smartest financial direction? Thanks in advance for your help!

Very Respectfully,

Mike