Home Loans and Support

Bank of America sold my loan to BAC?

Discussion in 'Loan Modification' started by Riley18, Oct 25, 2009.

  1. Riley18

    Riley18 LoanSafe Member

    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.
  2. 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.
  3. Peace4all

    Peace4all LoanSafe Member

    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.
  4. BobandArlyn

    BobandArlyn LoanSafe Member

    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
  5. Peace4all

    Peace4all LoanSafe Member

    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...
  6. Riley18

    Riley18 LoanSafe Member

    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.
  7. Riley18

    Riley18 LoanSafe Member

    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.
  8. nmwadam

    nmwadam Guest

  9. kcchica

    kcchica LoanSafe Member

    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??
  10. Sparkss

    Sparkss LoanSafe Member

    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"
  11. Esteban1901

    Esteban1901 LoanSafe Member

    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.
  12. dan m

    dan m LoanSafe Member

    looks like they're making a good bank bad bank
  13. Justmo

    Justmo LoanSafe Member

    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...
  14. brinicnat

    brinicnat LoanSafe Member

    BAC Home Loans is definetely the old Countrywide Home Loans where all my trouble started. IF you read the lawsuit that just got settled with the Federal Trade Commission it lists both countrywide Home Loans, Inc. and BAC Home Loans Servicing, LP as the defendants. So basically my loan never went anywhere yet when Countrywide said my modification was approved in March 2009 and then BAC Home Loans said they knew nothing about that modification paperwork, it was yet another lie.

    you can go to www.ftc.gov to see for yourself
  15. Riley18

    Riley18 LoanSafe Member

    Hello All,

    I have been taking a break for the last few months for sanity's sake. This week I checked my email and found that NACA had "news" for me.

    Apparently, BAC wanted a updated paperwork from me back in April. My loan is now being looked at by NACA and BAC. My theory is that my house will be foreclosed in the next fiscal year which I think starts in July.

    The banks have been keeping their shadow inventory on hold while they took more money from the government and pretended that foreclosures were stabilizing or even improving.

    This week I have been gathering old documents and completing new paperwork to fax to NACA. I am glad I found out my brother can fax these papers for free because in the past it ran around $20 each time. I would not mind if I thought there was much hope. I just can't stop myself from at least trying though. We will see what happens.
  16. LaiLai

    LaiLai LoanSafe Member

    I was told by a BAC Home Loans Servicing Rep that they, BAC Home Loans Servicing, LP, BOUGHT Bank of America. She said that to me me when I told them that my loan was not owned by BofA but sold to BAC. Even the employees don't understand the the nature of this business relationship. Are they a subsidiary or are they BofA. I know there used to be a Bank of America, NA and there is a Bank of America Corporation (BAC). So what is it? BAC or BofA or both? is BofA the BRAND? BAC the true business entity or is this just another smoke screen. Is BAC Home Loans what BofA did with Countrywide? I find it ironic that the letter states "We are leading the way in clear, transparent and responsible lending." and no one knows the circumstances of how they are doing business. Everyone at BofA I was working with can no longer be contacted because of the phone changes and the loan changes and no one at BAC Home Loans know what BAC Home Loans is doing if you are in modification or forclosure. I was in a BofA modification and when my loan was "transferred" to BAC I went into foreclosure and re-modification. I get phone calls twice a week from the foreclosure department and I get FedEx's from the Modification department. And although the foreclosure department says they put notes in my file no one knows anything about the Modification when they call (twice a week) and it is a different rep each time. They tell me I am not in review for a Modification because I am in Foreclosure. I ask them who I am getting FedEx's from? Talk about Cluster *uck. Oh, did I tell you the phone number is the same for both departments?

    I refused to send any more money when they told me I was going into foreclosure anyway and then they said well we won't take any money from you when you are in foreclosure. I just got another letter by FedEX saying they will make a decision in 30 days and it will be either 1. you are accepted into the program 2. you are declined, but we may have other options to help you avoid foreclosure, 3. we may need more info from you. So what else is there.......

    Anyway just thought you all might like to know. BTW, I am a cancer patient undergoing chemo therapy and about to either lose my condo or get a modification for a subprime loan.......not sure what to do. I am not able to work and get disability. Stress does wonders for cancer recovery.....
  17. franklinco

    franklinco LoanSafe Member

    OH No! I guess my loan went from the not so competent Home Loan Services (HLS), AKA First Franklin to The servicer that started the whole home mortgage landslide!

    My loan transferred from HLS to BAC Home Loan Servicing, AKA CHL.

    It sounds like Bank of America is trying to put all subprime mortgages under BAC home loan servicing.
  18. franklinco

    franklinco LoanSafe Member

    November 16th was the date my servicer changed from HLS (First Franklin) to BAC Home Loan Servicing. I guess all subprime, '"troubled assets" or whatever the new political concept they use for thieving loans are now.
  19. bobbiesuzanne

    bobbiesuzanne LoanSafe Member

    Does anyone have a number for BAC?
  20. TomEason

    TomEason LoanSafe Guide Staff Member

    There are tons of posts containing BAC contact numbers Go to tab above "Search the Forums."

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