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Profile picture for NSMAdavis

How do I found out how much my loan was sold for to another bank, if it even was.

BoA services my loan, Fannie Mae owns it BofA says they cannot alter any terms of the loan (Forebance) and that only the onwer of the laon can. I call Fannie Mae and they tell me they don't work with the borrowers directly that BoA has a Fannie Mae assigned rep and that BoA needs to talk to them through their rep. I call BoA back and they tell me we can;t do anytihgn to your loan We sold it.  Did they sell the loan or just the serviceing ???
  • October 20 2011 - Winters
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Answers (8)

B of A has transferred a huge number of loans to Seterus, I'm seeing more and more of this on applications every day.   Wouldn't be surprised if this is where you ended up.   Other big banks like Citi have also made the decision that they no longer want to deal with all the calls for HARP and HAMP so these new servicing companies suddenly pop up and service billions of loans.

There is a lot of information publicly available on Fannie Mae website including the selling and servicing guide.   You might want to spend some time looking through that, as it pertains to your specifc situation.    At the very least, your servicer should be following those guidelines created by the owner of your loan (Fannie Mae).
  • October 20 2011
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This is the most common issue right now. I was actually trying to modify my loan, also, and the long story short, they make you become delinquent, then they offer you really terrible modification terms, and at that point you have no choice, but to either foreclose or accept the new terms, at which point they can clear the otherwise cloudy title that they don't own.
You need to talk to an attorney, but be careful of all the scams going on right now. There are a whole bunch of class action law suits, and some are not legit. The one I feel is not legit is Wright vs. BofA, and Ronald vs. BofA may be legit, but be on high guard as lots of scammers opening new suits and charging 5K up front and their cases are not even accepted in the courts.
  • October 20 2011
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Profile picture for wetdawgs
If you got notice that your payments are due to a different company on Nov 1, it is quite possible your loan is in transition so that BofA won't work with you now and you have to sit in a holding pattern until the new lender has it in hand.

  • October 20 2011
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If you received a letter saying that your loan has a new servicer, then BofA has sold your loan and, recently, the servicing. Any letter regarding this matter should be fairly clear. It should reference a loan number and some info an average scammer couldn't know, etc...The servicer is paid by the owner of the loan to handle all matters like yours, so you can't go around them, and at the same time the servicer, in most cases, has no real authority to modify, or forebear, payment on your loan without the owner's consent. That is why the modification concept is tedious when it has the incentive to work.

You're going to have to convince BofA to convince FannieMae to give you a forbearance. And if you do, you have convinced both of them to do damage to themselves, as a favor to you. It ain't going to be easy. Hardball will be required. That is why the housing refi market is frozen and why the modification concept is broken, to the point of collapse as a viable alternative.
  • October 20 2011
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Profile picture for NSMAdavis
Hamp, that is exactly what I'm thinking the little Texas Side Step ;-), to answer your other q's I am underwater, we took the loan out to open a retail business and as the market tanked so have sales the shop pays for day to day costs but not the original loan we took to open it anymore. We can still afford the payment  as my spouse has gone back to work, we just got a little behind  and had some large tax bills come due, accountant error cost me $10 G's in taxes that I wasn't prepared for  and was hoping just to get a forebarance.
  • October 20 2011
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Profile picture for NSMAdavis
WHat do you mean by wrong info? Sorry are you saying that they didn't sell it to a another servicer because I have paper work that states I need to make my payments to a different company as of Nov 1st. Or do you mean that when they say they can't change the terms of the loan that that is bogus, I'm not looking for a modification. I was hoping for a  simple forebarence like BoA did for my autoloan. It would allow me to get caught up and keep a great low fixed interest rate by just extending the length of the loan 6 months.
I guess the question becomes did Fannie Mae sell my loan and in doing so a new company has taken over servicing or is just the servicing part of the loan was sold by BoA to another servicer. How do I find out?
  • October 20 2011
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Who knows? They appear to still be the servicer, at least, if they are still fielding calls regarding the payments. I'm afraid they are giving you the polite sidestep. They, BofA and/or FannieMae, don't want to modify your loan. They don't have the guts to say that you, and they, are stuck with the current arrangement since the risks of redoing it, or the risks of not redoing it, can't be foreseen.

The Banks and FannieMae, are frozen by the fact that every loan they rearrange, or refinance, dilutes their value, even though it may actually reduce their risk, along with your risk of default. They can't win for losing, and we know they are "too big to fail", so them losing costs "us", and winning costs "you", and "you" are one of "us" etc....And, if FannieMae owns the loan all the risk is on "us" anyway, none of the risk is on BofA. It's a good thing "you" are on of 'us", or "we'd" have to be mad at "you".

Can you not make your payment, really? Or, do you just want a better deal? Are you in one of the underwater zones?
  • October 20 2011
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alter the terms of your loan?   sounds like you are trying to get a loan modification done here.

If so, my sympathies!   This is exactly why they are so hard to get accomplished.   You call and call and are constantly talking to different people from different departments and basically get the runaround.

Most loans are sold to Fannie Mae, but the mortgage company retains the servicing rights.   I think you are getting wrong info from BofA.
  • October 20 2011
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