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1st BofA Mortgage to be transferred to Specialized Loan Servicing on 11/1 ... Should I Wait to Compl

Discussion in 'Bank of America Mortgage Help' started by GabrielsMom, Oct 20, 2012.

  1. GabrielsMom

    GabrielsMom LoanSafe Member

    Hello! Glad to have found this forum.

    I am almost 8 months behind in mortgage payments. BofA sent me a loan modification application package. I was just about ready to fax the papers in yesterday and called my rep. She said my loan was scheduled to be transferred to Specialized Loan Servicing on 11/1/12.

    Should I fax in the papers to BofA or wait until the loan is transferred then apply with SLS? BofA still has my 2nd mortgage and the rep said she would use that information to determine eligibility for a loan modification for the 2nd.

    There may be little chance that we can save our home. If that is the case, I'm looking to buy as much time as possible to get ready to move. Wondering whether waiting could work in my favor.

    Thank you!
  2. GabrielsMom

    GabrielsMom LoanSafe Member

    Notice of Default: Will it Transfer Intact to New Servicer? (BofA to SLS)

    Hi -

    I'm wondering if my new servicer as of 11/1/12 will issue their own Notice of Default or if the one I received from BofA will remain in effect. I am not clear how much of my loan file transfers to the new servicer and where they will pick up in the process.

    I'm almost 8 months behind; I was the major wage earner, laid off in May 2010. I received a notice of default last year when I participated in the Home Affordable Unemployment Program. They allowed me to skip 3 payments (which are still due). That action generated the Notice of Default. I paid the mortgage for awhile after that time but stopped doing so when the savings account was drained to almost nonexistence.

    Thanks for any advice you can provide!
  3. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Welcome and thanks for joining the community!

    There is really no point on sending the application to BofA now if your loan will be transferred to SLS on 11/1. Once your account is transferred it generally takes up to 30 days before the new servicer has your information fully updated in their systems.
  4. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Good thing you stopped paying because once your account is 3+ months delinquent they will not accept apply any payment to your account unless it is for the entire past due amount along with any fees they have tacked on. Unfortunately, they will pass along all information to the new servicer so you will still be 8 months delinquent when your account is updated in their systems..
  5. GabrielsMom

    GabrielsMom LoanSafe Member

    I am astonished at how quickly you replied! Thank you, Mr. Bedard.

    I would prefer to forestall a foreclosure sale - is SLS required to offer me a loan workout? Does having an application in process with BofA at time of loan transfer constitute a requirement on SLS' part to explore modification options with me? I'm concerned that once my account is in the system with SLS, they will schedule a foreclosure sale date without looking into other options.

    Thank you very much!
  6. NewbieFed

    NewbieFed LoanSafe Member

    Evan! I too just received a letter from BofA stating that my loan will transfer to Specialized Loan Servicing on 10/31/12. Evan, is this good or bad? I too am in the middle of BofA trying to determine again, if I qualify for the DOJ National Mortgage Settlement. Is this a tactic on their part to slow it down or to cause the transfer to terminate any responsibilities they may have in getting me into the program? They actually tried to deny me entry into the program because they stated I did not send in the required documents - this was bogus and they once again asked for all of the documents again.

    I'd really like to know if this is a ploy or not. If it's good or bad for those of us that they're transferring our loans to.

    Thanks again and again for such a great website. Every time I come across people in need of mortgage information I write this website down on a piece of paper for them. Knowledge is power.

    NewbieFed
  7. GabrielsMom

    GabrielsMom LoanSafe Member

    What is the DOJ National Mortgage Settlement?

    BofA also claimed insufficient documentation as the reason my first application was denied. The actual reason was the investor didn't participate in the MHA program, which I was able to prove.
  8. NewbieFed

    NewbieFed LoanSafe Member

    GabrielsMom, the settlement was completed earlier this year and included those mortgages that are non-FMAE or FMAC as far as I understand. If you loan is eligible you could receive substantial principal reduction. I've been fighting with BofA for three years next month and they even gave me a trial in-house mod last year but they refused to send me my new mortgage documents since I would not sign away my rights to any U.S. Government assistance. I had known the DOJ National Mortgage Settlement was in the works and figured this is why BofA asked me to sign such a document. I asked them to send me a document stating they would still work with me on a new mortgage if in fact a better program came along. They refused of course and so did I. Four or five months of trial payments were paid out by me. Over $12000 and they never even apologized for this. Now this time around they tried to say I didn't send in all required documents but they couldn't or wouldn't tell me which document(s). I know this to be untrue as the last document I needed they never sent it to me. I inquired several times with no success and then I receive a FedEx telling me I do not qualify for the program since I did not send in all documents. Rubbish. Why would I, after three years of pain not send in a document?
  9. GabrielsMom

    GabrielsMom LoanSafe Member

    Servicer Transfer to SLS on 11/1/12 - What Happens to DOJ Settlement Evaluations in Process?

    Hello:

    I just found out from Newbiefed (thank you!) about the DOJ settlement. I want to see if I can qualify for this. Prior to finding out last week that the servicer is going to change from BofA to SLS on 11/1/12, I was ready to fax in the paperwork for a loan modification (MHA or BofA in-house options; they did not tell me about the DOJ settlement). If I request a review with BofA for the DOJ settlement, what happens to the review when the loan is transferred to SLS?

    Thank you!
  10. Cat Damiano

    Cat Damiano Mortgage Wars

    Please try to keep your new questions here in your original thread, it makes it easier for those trying to help to be able to find the information in regards to your situation in one place.
  11. Cat Damiano

    Cat Damiano Mortgage Wars

    Do you know who the investor on your loan is? You had mentioned in a previous post that they stated the investor was not participating in loan modification but you were able to prove otherwise.
  12. GabrielsMom

    GabrielsMom LoanSafe Member

    The investor on my loan is Wells Fargo. Thank you so much for your help.
    Last edited by a moderator: Oct 22, 2012
  13. GabrielsMom

    GabrielsMom LoanSafe Member

    I wasn't clear - I was stating BofA told me they didn't do anything on my loan application because of insufficient/lacking documentation. I was able to prove them wrong by referencing a declination letter I received from them stating my investor doesn't participate in the MHA program. I apologize for the confusion.
  14. marvelrules

    marvelrules LoanSafe Member

    No it will start all over, had a nod from boa and then when they where cleaning their portfolio to look better, I was sent to sls and was told I had no noi or nod.
  15. marvelrules

    marvelrules LoanSafe Member

    Boa told us that 50 times before we gave up. Sls has asked once, and replied we have everything. If I was really trying this would be great.
  16. GabrielsMom

    GabrielsMom LoanSafe Member

    Update on Question re Whether SLS Participates in DOJ Settlement - I called SLS this afternoon and spoke with Debbie. After consulting with her supervisor, she told me SLS participates in the DOJ settlement. I was surprised to hear this since SLS does not appear to be one of the parties in the settlement. She said they participate whether there is an application in process at time of servicer transfer or if the application is initiated with SLS.

    Is this trustworthy information? Thank you.
  17. GabrielsMom

    GabrielsMom LoanSafe Member

    Recourse Against BofA re Nondisclosure of DOJ Settlement? I understand the DOJ settlement went into effect in February 2012. I stopped making mortgage payments in June 2012 (that payment representing the March 2012 mortgage payment). I repeatedly contacted BofA, asking what options are available to me relating to mortgage modification. I was never advised about the DOJ Settlement. My rep at BofA confirmed this by checking my file today and finding no record of any communication - electronic, voice or by letter - from BofA to me about this program.

    Is there any recourse I can take against BofA for withholding this information from me? Thank you.
  18. Cat Damiano

    Cat Damiano Mortgage Wars

    Meaning that if your loan was already eligible for the DOJ settlement while being serviced by BofA, the transfer will not hinder that. Since the account is transferring very soon, you may want to make sure that you receive your new loan number under SLS and then update and complete the file with them.
  19. hkimp

    hkimp LoanSafe Member

    Hello, I also received a letter from BOA and it states that my loan servicing company will be transferred to Specialized Loan Servicing LLC begging Nov. 1st, 2012. I am 2 month behind and already submitted my loan mod pkg to BOA. My loan will be transferred to SLS in the middle of Loan Mod process. According to BOA, they will send over all of my file to SLS and SLS will assign another negotiator to my file. Is that true? or should I re-submit all the docs again to SLS? Is there anyone who got Loan Mod succcessfully from SLS? I googled about SLS but only things I could find is many complaints about this company. Any comment will be appreciated.
  20. Susan

    Susan LoanSafe Member

    This is unbelievable, I too got the same letter stating that my B of A loan is being transferred to SSL and I too just sent in all of my documentation to be looked at for a mod. What game is B of A playing here? I have a call into the OOP at B of A asking how this can happen. I too have been told that I qualify for the DOJ Settlement and that survey were sent in on my behalf, that was on July 17th, but I never got a letter. I called back yesterday and they sent in another survey on my behalf and said it could take 30 to 90 days to hear from them. I'm so at my wits end with B of A!!!!

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