Home Loans and Support

Bank of America Transferred loan to M&T bank

Discussion in 'Bank of America Mortgage Help' started by tack77, Nov 18, 2011.

  1. tack77

    tack77 LoanSafe Member

    A couple of weeks ago, I recieved a letter from BOA stating that my loan would be transferred to M&T Bank as of Dec 1, 2011. It also said that they would not take any payments after Nov 15, 2011. Coincidently, The payment on Dec 1st was to be my first missed payment. Ive never been delinquent on this loan, which is for a second home.

    Should I call this M&T and let them know, even though they don't officially take over the note til DEC 1st? Has anyone else had their notes transferred to M&T Bank?

    Any thoughts, comments or suggestions appreciated.
  2. Tarin Myhairout

    Tarin Myhairout LoanSafe Member

    'Tis the Season?

    Hi Tack77!

    Must be the season for loan transfers; you are the third one I've heard about today.

    If this is merely a servicing transfer, both of them have to tell you about it, and tell you the new payment address. (this should also have been in the notice you got).

    We got one of these in October, right before our local bank became a 'failed institution'. This probably isn't happening to BofA, but we can hope!

    What you do as far as notifying them really depends on your future plans. Do you know what you are going to do?
    (sorry if you have already said. We must be burning up the forum, because I can't seem to get good service on it tonite, and can't look back without losing the thread entirely.)


  3. tack77

    tack77 LoanSafe Member

    Thanks for the the response Tarin. I really have no plan for now. When I bought my current home, I had planned on renting the old place out, unfortunately, there is so many repairs to be made to put it to code, that I'm afraid I would run out of money. I'm not in any immediate danger of being broke, but at this rate, I could probably last maybe another year, that's keeping a decent quality of life for my family. I really just want to be done with the old house, it's sitting empty, havent missed a payment yet, but I thought now is as good as time as any to start, before I wipe all my cash out.

    I never had any luck with any of the making home affordable stuff through BOA, and before I recieved notice of this transfer, I have never heard of M&T. I thought maybe I could call them, tell them I'm about to miss a payment, and see what they say. Its really sad, I only owe 53,000 on the house, its been up for short sale with a realtor for the last 3 months for 29k, and Havent even had a single person look at it. I really need to be done with it.
  4. Tarin Myhairout

    Tarin Myhairout LoanSafe Member

    Uneeda Plan :)

    Hi Tack77:*-

    You sound really, really tired. This stuff takes a toll on all of us. If I may, though I will offer this suggestion:

    Hold off on that call for a while. There is really no urgency:eek:h: and that helps since you don't have a plan right now.

    If you have decided to let that house go, doing it properly will save you a lot of headaches and stress; and help protect your cash - and that is an important goal.

    Those smart people (TomEason, Freedomwon, Acesfull) etc on Deed in Lieu, and Walking Away can help you do it right. Just take a look and see what you think. You have come this far, so a few more days invested in your strategy is certainly worthwhile.

    The way I see it, once you have your goal and plotted your course, the hard work is done. Then you just work the plan. The support and helpful information from the generous people here on Loansafe has enabled me to survive this ordeal. You are not alone.

    Whatever you decide, best of luck to you and your family,

  5. maggiemae

    maggiemae LoanSafe Member

    Hi Tarin- my name is Robyn and I am new at this but desperately need help
  6. maggiemae

    maggiemae LoanSafe Member

    You seem to have strong knowledge of this stuff
  7. Tarin Myhairout

    Tarin Myhairout LoanSafe Member


    Bless you, but I am just a simple housewife.

    You have come to the right place. I will tell you what Estela13 told me when I came on board at the end of October: Make a cup of relaxing tea, and..... breathe.

    It is the weekend, so you will have a couple of days to get your panic under control (very important!). No one can promise you a particular outcome, but you find a lot of knowledge and wonderful, supportive people here who will try to help you.

    Start at the unite and fight, and peruse the threads. It takes a little time to orient yourself to the organization, but you will soon get it.
    Read a little, think a little, and then choose the thread that makes the most sense, and tell us your story.

    I have to sign off right now, but I will be back. Breathe...

  8. maggiemae

    maggiemae LoanSafe Member

    awww Thank you:) just learning to navigate..lol
  9. tack77

    tack77 LoanSafe Member

    Thank you Tarin,

    I will definitly research this forum. And to answer you question more specifically, I would like to get a deed in lieu, it doesn't look like thats easy though, my short sale is going nowhere fast.
  10. cplusplus

    cplusplus LoanSafe Member

    My loan also transferred to M and T never this one before

    HAven't defaulted on my loan for th past 6 yrs, on my second home.

    But recently started feeling the pain, and now found out i have to send payment to M&T....

    Also my company started to lay off employees.

    I may start the shortsale process, i have some credit card debts too.

    I don't know when i start my shortsale process, if i stop my credit card payments also.
    I bought this home for 256 k with my interest rate at 7.375%

    Right now teh loan amount is 203k, paid off 53k.

    i do have credit card debts over the last 3 yrs accumulated to 40k

    Now i am deep in water.....

    Since last two months contempating on starting a shortsale, and now saw this letter.

    Who is this bank M&T, never heard that one before.

    I thought BOA may have been much better in terms of deed in lieu, i don't know this bank.

    infact i had to sell my first home 3 yrs ago, no shortsale just a regular sale now lvigin in rental home for last 3 yrs...

    this second home is in tampa, how can i convert this as my primary....may be it becomes easy to shortsale.

    please need any helpful advice, has two kids and cost of living is going crazy.

    kind regards...
  11. Cat Damiano

    Cat Damiano Mortgage Wars

  12. azcraigrr

    azcraigrr LoanSafe Member

    My loan was also transferred from BoA to M&T. I set up my e-trade payee, sent off my payment. This weekend I received a letter saying that my home was in default, and that I was not to contact M&T but their collections agency. Called M&T this morning to find out what went wrong. Apparently I was supposed to receive a 'Welcome' letter, not a default letter. Not a good start.
  13. Cat Damiano

    Cat Damiano Mortgage Wars

    Hi azcraigrr,

    Welcome to the forum and thank you for joining........

    I agree, not a very good way to start off with a new servicer to your loan. I hope they get that straightened out for you asap.
  14. mad as hell

    mad as hell LoanSafe Member

    bank of america selling loan to m&t bank

    I recieved a notice that BofA sold our loan to M&T bank and now our payment went up. We called the new lender and found out that not only did our payment go up but now after BOFA sold our loan they put a lien on it. We built this house 10 years ago and dont want to walk away but might be forced to. M&T bank said that they are aware of the lien and are not sure why it was put there and that it is illegal but to make the mortgage payment that is on the stub.Is anyone else having the same issues?
  15. GoodJuju

    GoodJuju LoanSafe Member

    I just found your site by Googling "Bank of America sold my loan to M&T." Wow. Maybe I am not the only one BOA is mismanaging... I got a notice that BOA was transfering my loan to M&T as of December 1, 2011. I was then instructed by M&T to make the December payment to M&T if made after 11/16. M&T cashed my payment on 11/28/11 (no issues, right?). Let me also say that I have NEVER been late on a payment. I then get a notice from BOA that they have REVERSED the transfer and I am back with them as my servicer. I called to see if they had my Dec. payment on 12/13/11 and 12/14/11 (a week before the holiday) and they said they have NOT received my payment from M&T, but "not to worry... due to RESPA out transfer will not affect your loan, including late fees and credit reporting..." On 12/20/11 I got a call from BOA's COLLECTIONS department. They say that my account is late and charges are being assessed. Also, they will report this to my credit agency on or before 12/30/11. I have faxed ALL paperwork to their "Payment research department", including all documents BOA sent to ME! Also, a copy of the cashed check by M&T. I have also sent a formal, certified letter (per RESPA) asking them to PLEASE stop the collection reporting until the payment research dept. has recovered the payment from M&T. What a nightmare this bank is... my loan was sold to these jokers several years ago - NOT by my doing. Looking over my original mortgage, you know, the only copy we have because they certainly don't send us copies of what they sign regarding our loans when they sell it off... anyway, there is nothing more that I can do. Even if I seek legal council at this time, the only thing I can recover (if they are found in violation of RESPA) is no more than $1,000 of acknowledged damages. Who sponsered this joke of a law?! What kind of protections do homeowners have against gross mismanagement with these jokers? Again, please let me say that I have NEVER been late on a payment. BOA's lack of concern for their customers and their investments is appalling. They just sent me a customer service survey for Pete's sake. Oh, yes. I told them exactly what I thought of their organization - as much as a polite southern girl could. Please let me know if ANYONE else has dealt with this (& BOA) before and what they found to STOP the madness. Hope your holiday season is less stressful.
  16. Cat Damiano

    Cat Damiano Mortgage Wars

    Hi GoodJuju,

    Welcome to the forum and thank you for joining..........

    I am so sorry that you have been going through this madness with BofA. You should still file a complaint against them with HUD for being in violation of RESPA in which you wouldn't need an attorney for that.

    Persons who believe a settlement service provider has violated RESPA in an area in which the Department has enforcement authority (primarily sections 6, 8 and 9), may wish to file a complaint. The complaint should outline the violation and identify the violators by name, address and phone number. Complainants should also provide their own name and phone number for follow up questions from HUD. Requests for confidentiality will be honored. Complaints should be sent to:

    Director, Office of RESPA and Interstate Land Sales
    U.S. Department of Housing and Urban Development
    Room 9154
    451 7th Street, SW
    Washington, DC 20410
    Phone: (202) 708-0502

    HUD RESPA: More Information
  17. GoodJuju

    GoodJuju LoanSafe Member

    Thank you, Cat Damano!

    I shall take your adivice and file the complaint with HUD. I can't be the ONLY one this is happening to. These loans are bundled together and sold off, right? ...and then "reversed" as a bundle too, I assume. I hate to be a conspiracy theorist, but isn't this good timing to screw up my payment history just as HARP 2 is getting underway? ... and I believe I am being labled "high risk" by virtue of living in NV. Do you think it's worth pursuing to find out why I was reversed in the process of transfer? I requested that information in my formal letter to BofA, but I doubt they will ever be straight with me. Thanks again for your sage advice. This is my first rodeo with BofA... and my last - as God is my witness...!

    All the best,
  18. Cat Damiano

    Cat Damiano Mortgage Wars

    The transfer would really be moot point since the transferring of servicing of a loan can happen at anytime, many times over the life of a loan as referenced in the mortgage documents given at closing. Please keep us posted on your progress. Good Luck!
  19. tack77

    tack77 LoanSafe Member


    I wish you the best of luck, as you read my loan was transferred to M&T as of Dec 1st, but I have never recieved any notification that my loan has been transferred back.
  20. clothgirl

    clothgirl LoanSafe Member

    Having trouble with M&T bank!!

    My loan was transferred to M&T bank also. I paid BofA the December payment, however, I signed up for autopay with M&T and asked for payment to be deducted on the 15th of every month. I was told the autopay would not start until February 15, 2012, and I would have to manually pay for January. I paid January's payment on the 13th. On the 18th of January, another mortgage payment was deducted from my account by M&T, causing my bank account to be in default. I have tried to get this resolved and they have not returned any of the second payment back to my account. I am in the process of building my credit rating and M&T bank is destroying it! This is the second time M&T bank has caused me time, money, and hardship to keep my credit rating. I need to find another bank or lending company that will handle my account with professionalism.

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