Bank of America sold my Mortgage loan?

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Guest

Jonesboro, AR

#1 Feb 23, 2012
I just found out that Bank of America has sold my mortgage loan to a mortgage company that I have never heard of, out of Utah.
I'm a bit uneasy with this, as there are some things with my mortgage that seemed to be fishy and now I am wondering if they are selling loans to other companies to keep from being found out.

Does anyone know if there is a way to have your loan looked over to make sure that everything is still kosher, and on track?
Thanks in advance!

Since: Nov 07

Dallas, TX

#2 Feb 23, 2012
Guest wrote:
I just found out that Bank of America has sold my mortgage loan to a mortgage company that I have never heard of, out of Utah.
I'm a bit uneasy with this, as there are some things with my mortgage that seemed to be fishy and now I am wondering if they are selling loans to other companies to keep from being found out.

Does anyone know if there is a way to have your loan looked over to make sure that everything is still kosher, and on track?
Thanks in advance!
Selling mortgage loans is a very common practice.
Guest

Jonesboro, AR

#3 Feb 23, 2012
estates4u wrote:
<quoted text>
Selling mortgage loans is a very common practice.
I just don't understand that though. It will be a lot different paying a payment to a diff state, I guess by snail mail, when all I had to do was run to my bank branch for all of these years to do it.
I recently found that I had a mysterious fee of several hundred dollars, that was completely different from my monthly payment. Kind of a fluke how I even found it. I was looking over my loan info online, had never received anything in the mail or any calls. When I called to inquire about it, I was told that they had sent someone to drive by my home everytime I have been late over the years to make sure it was still occupied? Never called, but charged an extra 10-20 dollars to my loan every time I have ever been late, to pay someone to do a drive by, that is separate from the late fee that I paid. Not a biggy, but just odd how it was seemingly hidden, and now I just wonder about it.

Since: Nov 07

Dallas, TX

#4 Feb 24, 2012
Guest wrote:
<quoted text>I just don't understand that though. It will be a lot different paying a payment to a diff state, I guess by snail mail, when all I had to do was run to my bank branch for all of these years to do it.
I recently found that I had a mysterious fee of several hundred dollars, that was completely different from my monthly payment. Kind of a fluke how I even found it. I was looking over my loan info online, had never received anything in the mail or any calls. When I called to inquire about it, I was told that they had sent someone to drive by my home everytime I have been late over the years to make sure it was still occupied? Never called, but charged an extra 10-20 dollars to my loan every time I have ever been late, to pay someone to do a drive by, that is separate from the late fee that I paid. Not a biggy, but just odd how it was seemingly hidden, and now I just wonder about it.
Then getting away from BOA may be a good thing!
BOAsux

North Little Rock, AR

#5 Feb 24, 2012
Lots wrong with them in the news and lots of complaints on line. Better go someplace else.
avrgjoe

Arlington, TX

#6 Feb 24, 2012
Guest wrote:
I just found out that Bank of America has sold my mortgage loan to a mortgage company that I have never heard of, out of Utah.
I'm a bit uneasy with this, as there are some things with my mortgage that seemed to be fishy and now I am wondering if they are selling loans to other companies to keep from being found out.

Does anyone know if there is a way to have your loan looked over to make sure that everything is still kosher, and on track?
Thanks in advance!
I honestly can't tell you of a bank in town that will keep a note for 15 or 30 years. BOA typically doesn't hold on their loans for years at a time, usually before the ink on the paper is dry they have sold it off collected their funds back and passed the constant maintenance of the loan off to one of these companies but they may have slowed down their process with all of this robosigning foreclosures we have seen in the news.

My personal opinion, I believe that you are in a better boat by having your mortgage sold off to another company. I know it feels good to hand your payment directly over to a living person asides from a machine but, with BOA testing a teller charge fee in some markets I am sure that sometime in the future when you have the option of paying the note online or mailing in a check they will charge you for having a teller post it to your account. They really like to nickel and dime you know that congress passed the Frank Dodd legislation.

Now the fee that you received for "them sending someone to drive by your house." I am not in lending however, I don't know if they necessarily have a basis to be adding this fee to your overall balance. I can't give you the direct website on here because topix blocks it but google the consumer financial protection bureau it has a gov web address to make sure you aren't getting scammed and you can file a complaint so they can look into this fee they have imposed on you.

Hope this has helped.

Since: Oct 11

Location hidden

#7 Feb 24, 2012
Yes it's very common for banks to do this. Normally FHA loans, conventinal loans stay with the banks. They're liquidating. BOA bought out Countrywide awhile back & they had a lot of bad loans & a huge mess. Nothing should change. In order for it to change, you have to give consent & sign off on it. Getting out from under BOA isn't a bad thing. Basically they need money & selliing your loan to a mortgage company or lender frees up money they would be waiting for from you every month... they just have it in a one lump sum now.

Since: Oct 11

Location hidden

#8 Feb 24, 2012
Guest wrote:
<quoted text>
I just don't understand that though. It will be a lot different paying a payment to a diff state, I guess by snail mail, when all I had to do was run to my bank branch for all of these years to do it.
I recently found that I had a mysterious fee of several hundred dollars, that was completely different from my monthly payment. Kind of a fluke how I even found it. I was looking over my loan info online, had never received anything in the mail or any calls. When I called to inquire about it, I was told that they had sent someone to drive by my home everytime I have been late over the years to make sure it was still occupied? Never called, but charged an extra 10-20 dollars to my loan every time I have ever been late, to pay someone to do a drive by, that is separate from the late fee that I paid. Not a biggy, but just odd how it was seemingly hidden, and now I just wonder about it.
I'm going to put this out there too. Being late numerous times will indeed black flag you. You could be considered a high risk to some lenders.(Some see it as an onset of a potentially bad loan... fear of default) Just saying.. I know the economy is rough & yes, you already have the loan... but banks are in it for the money. They want their money now, not 10 days past the due date.
DoWhat

Trumann, AR

#9 Feb 24, 2012
We all know that being late will flag credit reports,that's no news flash.But having mysterious and unrevealed "fees" that they say they charged to pay somebody to drive by the property to see if it was occupied,WTH??? "Failure to disclose" would sound like it is against governmental policies regarding mortgage loans,to me.
G and P

Little Rock, AR

#10 Feb 24, 2012
The Laptop Lolita wrote:
Yes it's very common for banks to do this. Normally FHA loans, conventinal loans stay with the banks. They're liquidating. BOA bought out Countrywide awhile back & they had a lot of bad loans & a huge mess. Nothing should change. In order for it to change, you have to give consent & sign off on it. Getting out from under BOA isn't a bad thing. Basically they need money & selliing your loan to a mortgage company or lender frees up money they would be waiting for from you every month... they just have it in a one lump sum now.
LL - conventional loans are sold off, too. Just as much as FHA loans. There are some cases where the bank makes an in-house loan with no intention of selling it off but those are not as common as secondary mortgage loans.

You do not have to sign off on anything after-the-fact for them to sell your loan. Chances are that the original poster had already agreed in writing that the loan could be sold off and also that they could charge them for any extra fees (like the drive-by) if they were late on their payments.

You sign about 10-15 papers at loan closing and 99.9% of the people signing never read them. They just want the loan. Those things are all in just about every loan made. You don't sign - you don't get the money.
wth

Jonesboro, AR

#11 Feb 24, 2012
G and P wrote:
<quoted text>
LL - conventional loans are sold off, too. Just as much as FHA loans. There are some cases where the bank makes an in-house loan with no intention of selling it off but those are not as common as secondary mortgage loans.
You do not have to sign off on anything after-the-fact for them to sell your loan. Chances are that the original poster had already agreed in writing that the loan could be sold off and also that they could charge them for any extra fees (like the drive-by) if they were late on their payments.
You sign about 10-15 papers at loan closing and 99.9% of the people signing never read them. They just want the loan. Those things are all in just about every loan made. You don't sign - you don't get the money.
Not oour first lesson on robosigning huh?

Since: Oct 11

Location hidden

#12 Feb 24, 2012
G and P wrote:
<quoted text>
LL - conventional loans are sold off, too. Just as much as FHA loans. There are some cases where the bank makes an in-house loan with no intention of selling it off but those are not as common as secondary mortgage loans.
You do not have to sign off on anything after-the-fact for them to sell your loan. Chances are that the original poster had already agreed in writing that the loan could be sold off and also that they could charge them for any extra fees (like the drive-by) if they were late on their payments.
You sign about 10-15 papers at loan closing and 99.9% of the people signing never read them. They just want the loan. Those things are all in just about every loan made. You don't sign - you don't get the money.
I meant the the terms & conditions of the loan.. for them to change such as fixed, balloon, 15 or 30 year they would have to approve that themselves. They were worried about things changing. The only thing will be where they mail their bill:) I wasn't aware conventional loans were so easily passed off. You're so right, nobody reads. They just initial 500 times.... I have to wonder how late someone would have to be to get a drive by though. Heck, I've seen people begging for the bank to take the house & nobody would even show:)
Guest

Jonesboro, AR

#13 Feb 24, 2012
How would one go about actually getting to see the papers that they signed?
fact check

Jonesboro, AR

#14 Feb 24, 2012
DoWhat wrote:
We all know that being late will flag credit reports,that's no news flash.But having mysterious and unrevealed "fees" that they say they charged to pay somebody to drive by the property to see if it was occupied,WTH??? "Failure to disclose" would sound like it is against governmental policies regarding mortgage loans,to me.
I contacted my bank and was told that if you are 30 days past due they will send an inspector to insure that you actually still reside in the home. The reason for this is simple. If you don't live there they can and will speed up the forclosure process. If they have to pay a field inspector it is added to your bill as a collection fee. There is usually a sentence somewhere in your mortgage about legal and collection fees for late payments being your problem. This is just the policy where my loan is held, but I'm sure all banks have a similar policy.
guest

Jonesboro, AR

#15 Feb 24, 2012
avrgjoe wrote:
<quoted text>
I honestly can't tell you of a bank in town that will keep a note for 15 or 30 years. BOA typically doesn't hold on their loans for years at a time, usually before the ink on the paper is dry they have sold it off collected their funds back and passed the constant maintenance of the loan off to one of these companies but they may have slowed down their process with all of this robosigning foreclosures we have seen in the news.
My personal opinion, I believe that you are in a better boat by having your mortgage sold off to another company. I know it feels good to hand your payment directly over to a living person asides from a machine but, with BOA testing a teller charge fee in some markets I am sure that sometime in the future when you have the option of paying the note online or mailing in a check they will charge you for having a teller post it to your account. They really like to nickel and dime you know that congress passed the Frank Dodd legislation.
Now the fee that you received for "them sending someone to drive by your house." I am not in lending however, I don't know if they necessarily have a basis to be adding this fee to your overall balance. I can't give you the direct website on here because topix blocks it but google the consumer financial protection bureau it has a gov web address to make sure you aren't getting scammed and you can file a complaint so they can look into this fee they have imposed on you.
Hope this has helped.
Our loan was sold at least 5 times over the course of 15 years, and all payments were made to out of state locations (Dallas, Atlanta, Seattle, Birmingham). In fact, not one loan payment was made here in town. Now, since the mail is notorious for being "delayed", for whatever reason, once or twice the payment arrived after the due date. It was mailed early enough to allow for that 'distance problem', I assure you, but the 'lender' assessed a $30 'late fee' and blamed it on the mail. In our defense, I was surprised that it would take more than 8 days for mail to reach Atlanta from Jonbur, when it can and did reach Seattle in as little as four. But they stuck us for that 'late fee' anyway.

So, in my conspiracy forming, "the ba$tards have us by the balls, expect the worst always" mindset, I figured the thieving banks/bankers/money lenders, in order to squeeze money out of us without any real recourse, would periodically process a small percentage of their loans more slowly than usual in order to claim that 'late fee'. I know...it sounds ridiculous on my part....but that $30 dollars, multiplied X number of times, is easy money for a bank to collect. Just blame it on the mail.

At least they didn't insult my intelligence and tell me the lie "we had to send someone to drive by and see if your house still had people living in it."
Guest

Jonesboro, AR

#16 Feb 24, 2012
Thank you all for the information. Anytime I paid a few days late, they charged a late fee, plus the drive by fee. The drive by fee was not expensive, ten to twenty dollars. sometimes it was two months in a row when I was a little late back to back. So over the course of years, it is several hundred dollars. Just wondering where this is going to pop up and cost me thousands though.
now that is funny

Little Rock, AR

#17 Feb 24, 2012
BOAsux wrote:
Lots wrong with them in the news and lots of complaints on line. Better go someplace else.
I never noticed their initials "BOA" but find that funny since that's what they are like, a big old ugly snake squeezing the life out of their customers. Some call them Bank of Arabia and say it's owned mainly by the Muslims, but I don't know. What I found when I googled was interesting, though. "A few years ago when we taped a one hour Cable TV Show on the subject of Bosnia and Serbia, one of the program guests threatened to leave the studio if I raised the issue of Vatican complicity in "ethnic cleansing" of Serbs from Croatia, by which many thousands of Serbs were killed or injured.[Another guest did raise the issue.] During the Kosovo War, Spring of 1999, the monopoly press said almost nothing about the bloodshed in Croatia reportedly instigated at least in part, by the Vatican. It is perhaps no coincidence that the Vatican Bank suit was brought in San Francisco. Headquartered there is the Bank of America, owned jointly by the Vatican, the Jesuits, and the Rothschilds. The parent holding company, Bank America, has been reportedly largely bought out by the Japanese mafia, the Yakuza. Most every bank in California is reportedly owned by the Yakuza. Seldom mentioned by the news fakers: the Yakuza is the main force in West Coast dope trafficking." Either way, I closed my account with them years ago and thought I was going to have to call the law to force the old bitch to do that. It's a whole lot easier to get them to take your money than it is for you to get it back from them.
Promo

Ruthven, IA

#18 Feb 24, 2012
Guest wrote:
How would one go about actually getting to see the papers that they signed?
You simply request them in writng and send certified delivery. They have 30 days to respond or legally the loan is invalid. You may also request a summary at anytime that will show exactly where all payments have gone.
Josh

Montgomery, AL

#19 May 8, 2012
If BofA sold my loan to another company due am I still eligiable for the new agreement with Bof A. Thank you for any help.
on_phone

Cherokee Village, AR

#20 May 8, 2012
exactly why I only deal with small banks !

another reason .
I got stuck out of town without my check book so I called my local small bank and said this is ****** please take money from my checking and pay my house payment .

OK , simple as that and no charge !

I also have a B of A acct , checking only , the reason I keep it is because there's B of A all over and it makes money easier to get when out of town !

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