Freedomwon- no, I have not sent the request to B of A yet, as was hoping to do it myself without putting myself again on the banks radar, since I stopped paying in August....funny thing is, MERS shows that my loan was sold to Merrill before I closed ( before MERS went dark a few months ago unless you enter your SSN ) but my county recorders office says that the DOT is still with CW....the servicer transfer letter that I got in May does not state the Trust number either... like it did for so many on theirs, including Hibiscus...I attempted on several occasions to modify with B of A since 2008, but only HAMP was my real chance at one, and B of A strung me along for more than 16 months to even get me an answer, then placed a escrow on my loan, and increased it up to $1017 a month last month! When I contested that, they said 'investor guidelines' will not allow them to take it off... I am wondering if B of A has any idea of who really even owns my loan at this point? If it was sold to Merrill, I would have thought that Merrill would have securitized it, but would it have a CW number, or a ML number....
I do believe that the reason that govt is not mandating more here is that they have been told what a can of worms this whole mess is, and could take down the entire financial system if the real truth is exposed.... on the pod cast with that attorney, Talcott Franklin, he states that this whole mess is not wall street vs wall street, but wall street vs. mainstreet - meaning that these securitized mortgages are in trusts that now make up most companies pension plans, etc...and that this whole thing will keep on snowballing, the way that payments into these trusts are like a waterfall, and dependent on the servicer to accurately report them... many servicers own the bottom of the barrel of these trusts ( the subprime loans pieces ) and that as long as they are reporting that payments are being made, they, the servicer are too getting paid on their investements still.. so my question is what happens to the payments that home owners make to a servicer like B of A when the trust that they are a part of has already been reported as defaulting????? Does B of A then keep the payments??? Or when a loan is in a mod trial, but that has not been reported as such to the investor trust, and so many homeowners are saying that their trial payments are not being applied to their loan balances... is this why, because the loan has already been shown to the investor as in default - is B of A keeping those payments as well? How bad is this mess, really????
