Wednesday, December 02, 2009

BAC Home Loans Servicing.

This is for searchable purposes.

Last month I was notified that my crapshack mortgage would be sold to BAC Home Loans. I wasn't crazy about the idea. I have perfect credit, but there are all sorts of reasons Bank of America might do this right now. It wasn't a big deal. I figured they were just splitting off their mortgages from the banking sector. Isolating the plague. No big deal. Until today.

I get a notice in the mail that looks like a collection notice. Also making it look like they were calling my loan fully due. Which immediately makes me super agitated. I've never been one day late. I have a fixed 30 year mortgage, and I've never requested a modification.

I immediately check my credit report. All is still perfect.

On a normal day - this notice would have been a non event. In this business environment - I'm panicked. Mr S., I say, - we have a contract. They can't cancel this out right? With all that has been going on, who can be 100% sure? There have been a ton of things that happened this year I would have never thought legally possible. Yet they are. So I'm still panicked.

BAC Home Loans makes it super hard to talk to an operator. When I do talk to one, she asks if my mortgage was sold from Countrywide. Which it wasn't. She goes on to explain that these letters were only meant to go out to Countrywide Customers, and was meant to inform customers that BAC can collect payments.

Which apparently they didn't, because I was from Bank of America. She tells me to just disregard the notice. Which I am not having at all. I don't trust them. She finally says she can send me something in the mail to confirm that my loan is completely fine. Only then I feel better.

Yet the whole thing is a perfect example of what is going on in the market right now. A crisis of confidence. From day to day the rules change, and I can't even trust my contract to be legal and valid.

It just sucks.

81 comments:

  1. Thank you SO MUCH for this article. I also have a fixed 30-year mortgage with BofA (for almost 10 years) and no mods, with a perfect payment history (always paid at least 10 days in advance). I have not been notified that my mortgage has been sold! Tonight, I received what sounds like the same letter when I arrived home, and it IS very upsetting--especially the "Debt Validation Notice" section. It states the value of your loan and says you have 30 days to dispute the validity of the debt and is worded as though you are expected to pay it off now. You are right on to never trust what some careless clerk says on a whim, just to get you off the phone. I agree that our business and cultural environment is completely unethical these days. I'll be calling BofA and BAC tomorrow, and thanks to you, I know more of what's going on.

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  2. Yeah. That's the one. At first I thought it was a scam.

    Then, I felt it was worded like if you didn't call them and dispute they could call your loan due in 30 days. Nothing at all about taking over the payments.

    It's challenging to get past the phone menu system to an operator, but I would have obsessed about it the whole night until I could get them on the phone. I'm glad I was able to make it so you didn't have to stress the whole night.

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  3. Yes, I'll be able to sleep just a little bit better tonight...thanks again! I'll write back to let you know how things go, in case it's of any help down the line.

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  4. Oh good grief...I got the same stupid letter. I've had a great payment record on my mortgage with BofA for 11 years now, and panicked when I saw this letter. Did a Google search which led me here. Looks like I'm not the only one confused! You are right...the rules change all the time and even us who are trying to do things the right way have to be worried what the banks are doing!

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  5. Thanks so much for this info.
    I received the same letter last night and was in panic. I also have 30 year fixed mortgage, and never made late payment. I also checked my credit record last night and everything looks good.

    So I called up BAC today and talked to a representative. She told me my loan is fine and she can send me full loan history for record.

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  6. Checking in from last night...
    The contact phone number on my letter turned out to be the same number BofA has published on their web site for BofA Mortgage service, so I couldn't call both BofA and BAC--they are one in the same. The rep I spoke with said my loan has not been sold and that ALL BofA mortgage customers also received this letter, and that as result of the BofA/CW merger all servicing is now done under the management of the old CW loan servicing organization and the account information has been transferred to CW's system (hence the new account#). The rep said that the letter was to provide legally required notification to customers so they have that information if they should ever default. They can't send me a letter stating that the account is in good standing (although the rep told me mine was), and they would send an account history to me to verify the good standing.

    I think that since there was a migration of accounts from BofA's old servicing system to CW's system, it's important to validate the loan amount in the letter. I plan to drop into the local BofA branch tomorrow for other business and get the locals' take on it while I'm there.

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  7. Hmmm. That's interesting. I knew the numbers were the same. I figured it was like GMAC calling themselves Ally Bank. But, all mortgage servicers send you a notice at least twice a year anyway.

    I'm not sure I believe their story. (not your telling of it) This isn't my first mortgage. The thing that freaked me out, and possibly a bunch of other people because I got a ton of hits on this post was this paragraph.

    It stated full loan amount. Then said "Because of interest, late charges, and other charges that may vary from day to day, the amount due on the day you pay may be greater. Hence, if you pay the amount shown above, an adjustment may be necessary after we receive your check, in which event we will inform your or your agent before depositing the check for collection.

    I mean the first pargraph of the letter states they are a debt collector.

    I feel even less comfortable knowing CW is servicing these loans. While I've never had a loan with them, I have had dealings, and they were completely shady. They tried to get me to sign a loan for 2 full points above what I eventually got the loan for. I never even asked for a loan from them, and only spotted it because I look at everything I sign super carefully. They just sent it to my house unrequested. Since the house was from CW and knew the title was transferring they just sent out loan docs. I didn't even get a credit inquiry from CW. I've never had the mortgage servicer of the house I was buying send out loan docs other than the once with CW.

    Thanks for the info. I appreciate it. It's just a weird way to handle the transfer. Normally they send you a new coupon book with all that information. Not a letter like that.

    Again thanks. It's interesting information.

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  8. I agree. I am not happy that I am going to have to deal with CW management on the servicing of my loan. I am skeptical and have my antennae up. Very poor way to handle the transition and I believe it communicates what they think of their customers and the real possibility of future shenanigans.

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  9. I am so happy I found your blog because I received the same letter as everyone else here and something doesn't just doesn't feel right. This whole "Debt Collector," "30 days to dispute," sounds very suspect to me. Like the others I have a good payment history and credit report. I am no where near foreclosure or even a candidate for a loan modification.

    This is a horrible way to do business and has me considering refinancing with my credit union for fear of an impending disaster. If this is how they treat good customers, God help those who fall on hard times.

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  10. It is a comfort to know that we are not alone in this mystery! After owning several homes this letter is frightening to say the least. We also have perfect payment history and great credit.
    After calling the number that was given on the letter three times now, I was given three different stories. That is the scary part! I have come to the conclusion that Bank of America representatives don't even know what is really going on with the company. After reading the letter my interpretation is that if we don't pay the balance in full we are going to be charged fees. Also, the amount of the loan on the letter did not line up with our records to date. Make sure you check your loan balance to see if charges have already been applied to your loans!!!
    We are waiting for a call from the Vice President of Bank of America and also have our realtor doing some research. Next step...I guess our attorney. I don't think it would hurt to make several copies and send them to Congress, our President, our Governor and our City leaders as well.

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  11. Yeah, my balance was slightly off as well. Which is why I thought it was a scam.

    I never thought this post would get so much attention, and is interesting because threads of these types are littered with people who have some sort of blemish on their credit records. It's interesting to see how the banks are treating good credit risks. At this point I don't think they distinguish all that much between good or bad risks.

    They should heed the warning of how deeply distrustful, angry and resentful their customer base is becoming. Even customers who previously had nothing to fear.

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  12. OK, glad to read the above comments. I guess that the old saying that misery lives company is true. Will begin calling BAC on Monday. With “everyone” receiving this notice their lines will surely be busy. Like others noted, the amount of debt identified is higher than what is owed and more than what could be accrued (interest) from the last payment date.

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  13. Good to know I'm not alone.

    In an on-line forum I've read the posts saying they believe they were switched from Bank of America to this BAC Home Loans Servicing, LP because their mortgages have been/are being modified or delinquent. Mine isn't, and now I got the same letter you got.

    One thing I notice in that letter is the name of the creditor. It is not Bank of America or this BAC Home Loans Servicing, LP. The creditor is some strange entity called "HEG HFI HELOANS". Absolutely no info on this anywhere on the net. My guess is it's one of those SIVs set up for the specific purpose of holding mortgages in a derivative form, i.e. MBS (mortgage backed securities) and CDO (collaterized debt obligation).

    Another very interesting thing I've found was from BAC Home Loans Servicing, LP's website. The site is not for you and me, but loan servicers. In "Terms and Conditions", they say this:

    "Your permission to access and use the Site and the information contained therein is granted only on the following conditions:
    You are an authorized BAC Home Loans Servicing, LP service provider in good standing to access the Site and the information contained therein..."

    This BAC Home Loans Servicing LP seems to be some kind of franchise of independent service providers, much like what insurance companies do.

    I don't like the smell of this. Check out who the creditor of your debt is, and see if you can find any info on it.

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  14. People, if you call, record the conversation. Tell them upfront that you are recording. What can they say, they are most likely recording it anyway.

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  15. Huh - that is very interesting information. One of the first questions they asked me was - if I was a servicer. I thought it notable, but not important at the time. My listed creditor has some odd holding number too. FNMA SS Main, and then a number I won't disclose.

    My credit score is very near 800, so I have great payment history. I thought they might have put me in the bad loan category because my loan in only two years old. Everyone with a loan that young is under the microscope. Who knows what will happen though. The government just took over the bank that services my credit card on Friday. I don't carry a balance. But, who knows what it does to your risk profile.

    Still all the conflicting information is fascinating. I don't know what to make of it. It's no wonder people are suspicious.

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  16. she said, that means your loan is probably owned by Fannie Mae, an entity 79.9% owned by the federal government.

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  17. That's a bit irritating, actually. I've been paying BofA for two years, so natually I thought they owned my loan. If there is anything this administation has taught us - contracts mean nothing.

    But it does make sense that FNMA ='s Fanny Mae.

    Thanks for the info.

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  18. My husband received the same letter. I just looked them up on BBB and they are not even accredited with the bureau and they have a "F" rating. It states: "Company Rating F
    Our opinion of what this rating means:
    We strongly question the company’s reliability for reasons such as that they have failed to respond to complaints, their advertising is grossly misleading, they are not in compliance with the law’s licensing or registration requirements, their complaints contain especially serious allegations, or the company’s industry is known for its fraudulent business practices. "

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  19. Yes, I received the same letter two days ago. I was shocked to have received the letter as I have had lending organizations sell my loan before but have never received a letter that was worded the way this letter was worded- i.e.-collection agency jargon. I called the phone number provided first thing this morning. The BAC employee told me not to worry about anything, my loan can't be changed by anybody, and the letter is just a bunch of "legalese" that was required. I asked the BAC employee as to when I will be receiving a new coupon payment booklet and he stated one had already been mailed to me two weeks ago. I never received it so BAC is to send me another one. After hearing all the comments in this blog, I still don't feel comfortable. I have faithfully been paying on my 30-year fixed mortgage for 21 years and feel Bank of America just kicked me in the teeth.

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  20. Check on that letter who the creditor (=one who owns your loan or the securities which your loan is part of) is. I'm curious to know who that is. I bet it's not Bank of America.

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  21. DO NOT TRUST BAC! We are surrenduring our home in a bancruptcy. We have not been served with a shred of paperwork as of yet. BAC hired "contractors" to come into our home and "winterize" it and had them change the locks on the front door. (yet, not the back door?) These "contractors" robbed us while in our home. We understand our situation is different than most of yours. But until they follow the foreclosure procedures as outlined in the bancruptcy, they have no legal access to our property. We have done nothing but maintain the property as we have been trying to sell it this whole time. These are ruthless, cut-throat people that are capable of anything and have avoided EVERY attempt from police to answer any questions. Bank of America will not answer to the police either. We trust not one of them and are being forced to hire an attorney to sue to get a paperwork trail to capture these so-called "contractors." I can only say document every name,id number and time of call. Keep very detailed records and every shred of paperwork. Good Luck!

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  22. Thanks for posting this. I too got these letters, and called, and after a bad phone tree experience got a person to tell me to disregard.

    Then a friend suggested it was a scam. I cross-checked the numbers on the letter with BofA's website... Finding this blog entry is sort of additional confirmation that it's just a bad customer experience.

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  23. I have received the letter too. Because I have automatic payment plan, BAC has withdrawn twice from my account this month. They will not post the money back even though my checking account is w/ BOFA. They have too many incompetent people dealing w/ our money. I wish there was a way to tell BOFA to educate the staff. I am disgusted with BANK OF AMERICA.

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  24. Like many of you, I'm current on my loans and got the letter. I called their # and the clerk said it was an "error". I asked for a letter to be mailed stating such an error, but have not received anything. If this is BoA trying to manipulate numbers for TARP or whatever, then we should let the papers know. Maybe bad press will get them to clean up their act (tho I doubt it...) This whole thing just leaves me feeling angry and helpless.

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  25. Hi- I too have an excellent Fico Score- perfect payment history and my loan has been sold to BAC. I received an escrow account disclosure from BofA that told me my loan was being sold, but haven't received anything else of yet, but I am thankful that I am now aware that I may get letters thanks to you folks sharing your stories.

    I looked into mortgages being sold and one piece of info that was pertinent was to ask the current loan servicer to produce the original note to your mortgage. Apparently many loans have been bundled and sold to investors and these companies can not produce the note. This means that should you ever default, they can forclose on your property and then later down the road the company who actually does have your note can forclose AGAIN! Watch this video. I was thinking of asking them to produce the note now just to see if they can even though I am not in foreclosure or late on payments. I am curious to see if they can.

    Thanks for all the responses, everyone.

    Here's a link to the article and video.

    http://www.consumerwarningnetwork.com/2008/06/19/produce-the-note-how-to/

    Val

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  26. We JUST closed on a loan with a local mortgage company and they already sold it off to BAC Home Loans Servicing, LP . Just doesnt make sense! Hopefully they are better than my last mortgage holder! They were the DEVIL! Tons of law suits..

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  27. Hi, I have fixed 7 year loan with BOFA on my mortgage(5 years still to go). Fist, they posted my payment incorrectly adding a penny to the balance of the loan. Now they are asking for me to pay a penny more for Fixed Mortgage. It's not a big deal but it is in violation of signed loan documents.
    I send them emails, call them - was told that it just an error and will be corrected. Yesterday got Mortgage coupon with incorrect payment amount.
    Sims like i have to call them every day to get the issue resolved....

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  28. Anyone else had trouble with BAC failing to post a payment?

    They received it on the 10th and it cleared my bank on the 14th but they still have not posted it as of Dec 19th.

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  29. Ok I feel stupid. I called Bank of America and they informed me that BAC is Bank of America Corporation and that my loan was not sold and that they are still the servicer. Why did they word it that way then? Why do they say my loan has been transferred? Why is the loan number different? What the heck?

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  30. Here is an article rating them pretty well and giving more information about the merger, if that would be helpful: http://www.earthtimes.org/articles/show/fitch-assigns-rmbs-servicer-ratings-to-bac-home-loans-servicing,1100608.shtml

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  31. Wow. Really? I feel so much better that Finch (a ratings analyst) says that all is well. I can assure you that the hits I get on this post would suggest not. Hundreds and hundreds a day. People just trying to reach someone at the company.

    They've had my mortgage all of about 2 months and I've already gotten a letter saying they've made a mistake in billing. Which is odd since I have a fixed mortgage.

    Finch. Wow. What a laughable worthless waste of space. They would never tell anyone things were fine - when they were horribly frighteningly bad. Oh yeah. They did that the whole time the economy was melting down.

    I would count a chronic lair as more trustworthy.

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  32. I experienced the mis-applied funds this very week. I found it odd that they called me to ASK PERMISSION to correct their own error. What's up with that? They had to get my permission to reapply the funds to the proper portion of my account.

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  33. Our home loan originally with CW was sold to/bought by BAC. My husband pays online and had trouble doing so Nov. 1, 2009. We have been charged late payments and a notice has been sent to the credit bureaus. Several phone calls later, I have been told that everything is OK now. It will take 60 days for the change to show at the credit reporting bureau. I will be on the lookout for the next couple of months. The rep that helped me over the phone was super. She gave me her full name, extention number, and hours that she could reached. I was pleasantly surprised. I will continue to be cautiously optomistic for now.

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  34. Please, please check your loan payments. I had a conventional home equity loan with Bank of America that when switched to BAC, they changed to a Simple Interest Loan, which means, none of my payment is being applied to principal, all is going to interest. Their customer service is terrible and they lie. I had one person tell me they had my original loan documentation in front of them and it very clearly said it was a simple interest loan. I had my original documentation in front of me and it very clearly says it is a 15 year loan. Still battling with them over this. Be very careful people!!

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  35. I’m Joey & I’m having all kinds of problems with BAC! Everything was fine when my home loan was with Countrywide, then BAC took it over. Everything seemed fine with them too & my credit was pristine. I was never late. Then I had a few huge setbacks all at once about a 1.5 years ago & I missed 4 payments. My good credit & payment history went down the drain. I was a candidate for this loan mod thing, which was very confusing. I did save my home but now have a new monthly payment along with my original home loan. I had 6 mo’s no pymts. Meantime, I was supposed to get a welcome packet & payment coupons. Six mo’s went by & I heard nothing. I needed to start making the extra payments but didn’t know to whom. I called numerous times for hours each time to get the runaround with each person I spoke to. Never the same person twice, never the same location twice; no one would give me their extension to contact them again so I didn’t have to explain everything all over again but was transferred to the departments that were supposed to help me only to be told they had no idea what I was talking about only to be told I should add the extra payment onto my existing mortgage & it would get applied to right place. YEAH right! I wasn't born yesterday! I’ve owned many properties & am kind of hip to the BS but this BS beats all! After several weeks of useless, rude, unprofessional, non-English-speaking, ignorant, demeaning, un-empathetic "Customer Service Reps" I finally got hold of someone in the Texas office who yet again said they would speak to their supervisor & yet again someone would return my call. Right! Surprised, I did get a call back from a supervisor telling me I had to contact someone at DyckOneal because they owned the new loan & it showed I was already late! Well, thanks for sending me the welcome packet & the payment coupons, let alone any information about the conclusion of my loan & who held it. I was so fed up with dealing with this unbelievable company; I recorded an entire day's worth of abuse & runaround & the rude rep's. The funny thing is they had the nerve to send me a survey online about a particular service rep I dealt with who attempted to assist me with my never-ending quest. Oh, I told them exactly what I thought & told them I recorded our conversation & invited them to contact me to hear the abuse I endured & to apologize for their lousy service. I'm sure you guessed, NO ONE contacted me. Well I’m still having difficulties financially & may need to go to them again to look at another loan mod. I’m bankrupt now, but my home is all I have left. My sister was killed which hit my family hard (emotionally & financially) & I adopted her son, which was another financial set back. But I have to have a home for him. I struggle everyday just to come up with enough money to pay the mortgage, let alone every time I get enough money set back for the bankruptcy, I have to spend it on needs for my family. Now I have to pay an even higher mortgage payment because “they” felt it was the best program for me. I didn't even get a say in the matter. They didn’t give me any options to choose from with all the government programs. I’m not looking forward to having to go to them again for help. I would try to re-fi with another company but my credit is not so good anymore. I am at a loss as to what I do next. I'm afraid of this company & the difficulties & further hardships they are going to place on me in the name of "helping me retain my home". Any suggestions would be appreciated. Please email me: vrydtrmnd1@yahoo.com. Thank you! I feel so hopeless. It is discouraging to know so many people (good credit or bad) are having such a hard time with this company only to be dismissed because they have a really poor system. They need to be held accountable! God bless.

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  36. not only that BAC home loans servicing LP has the worst customer service ever! i made double payments and they tole me it could take several days to rectify, even though i faxed the paperwork immediately. these people don't understand customer service at all!

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  37. My loan has also changed from Bank of America to BAC. I didn't get such a letter, but they did screw up my homeowner's insurance.

    Does anyone know if we can request a regular monthly statement instead of the coupon books? I can't stand the coupons. They have to send you a new book if your escrow changes by $.07, and they don't send them on time, and I feel they intentionally keep me in the dark because a statement would show my interest, principal, etc. t

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  38. I was also changed from bank of america to BAC (same bank just another division).. I just used my last payment coupon for Feb and can't find the link in my mortgage area online to order another coupon book. did they move it somewhere? wonder if THEY know I need a book??? I might have to call them, hope I don't have a l o n g wait. Has anyone else found the link online in their online acct at bank of america (BAC) to order a coupon book?
    Thanks Jeannie

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  39. Our loan payment is made through BOA online banking and has been received on time, but not credited to our account until several days later, resulting in late fees. I just spent TWO hours trying to get it straightened out. Even though our payment is done electronically, (in-house), they are not crediting it on time. Check all your statements carefully.

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  40. Well, my Countrywide loan has been in bankruptcy for a year, and was finished Nov 8, 09. Bank of America started sending me statements, Allstate cancelled the homeowners ins, and the BOA says I'm required to keep insurance on a vacant property. I left there because I couldn't make the payments, lost job, etc. I didn't realize I could have lived there rent free for the last year and a half. Note to those filing bankruptcy...it take at least two years for the dam mortgage company to take it out of your name....

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  41. I'm Jan from Florida. I have a 30 yr adjustable rate mortgage from 1986 in good standing. I was on an accelerated payment schedule every 2 wks from my checking account. When they switched my loan from BoA to BAC Home Loans they did not transfer my accelerated payments and I was in default for 2 months before I realized what happened!

    I have been trying to fix this for a month without resolution. They have mis-applied my payments and my account is a mess. The numbers are all wrong and they have 2 different amounts for my mortgage loan balance on their website. My account needs audited and payments need to be properly applied.

    And now they say I can't have the accelerated payment schedule because I have an adjustable rate mortgage. (currently at 4.875%)

    I have a FICO score of 809 and am terrified what their errors will do to my score.

    It only feels a little better to know I am not alone in this mess!

    I am ready to call the bank regulators in my state to complain.

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  42. Jan, the fustrating thing is - BAC is Bank of America. I don't understand how they can go to great customer service to crap in litterally months. You used to be able to pay your mortgage and just forget about it. Now I worry every month if they are screwing up my payment.

    And believe me - I will become unglued if they do anything to my 800 credit score. In normal times I would refinance out and say screw them, but I guess they can hold us hostage for now.

    Even more fustrating? Every government agency known to man - has visited this post. But, I guess those of us with credit scores in the 800's are so rare that we don't account for anything.

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  43. Happened to me, too! Thanks for getting this posted.

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  44. In Dec of 2008 i was laid off from my job we lost our contract. I called Bac they would not help me. Then my daughter passed away in june of 2009. Now I have my granddaughter and I am in their modification program and cannot get them to send me paperwork for Hemap program. aihave been trying since Nov. I desperately trying to work with them and keep calling. I am on the phone with them and they tell me I am not in any program. I am beside myself trying to figure out what to do.

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  45. I have spoke with BofA as well as Cwm, both are the worst to deal with in getting your loan modified. A BofA customer service person told me that they are working with people who are able to come up with money to bring their mortgage current. Which is crazy people could bring their mtg current then they would not need help. BofA investor do not want to keep home owners in their homes, as they would rather do a short sale and let your house sit for 1 year or 2.. This mess is going to get worst if they don't stop play hard ball and do more loan work outs.. Don't for get to dispute your property taxes which is another scam!! http://2010loanmodificationebook.blogspot.com/

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  46. I appreciate all of the posts here. I recently received a letter from my current mortgage provider (Wilshire) that they sold my loan to BAC. I have been fighting Wilshire on a foreclosure on my house going on 3 years now. They either lost my documents sent to them or they took too long to come up with a modification. Now I see the issues everyone seems to be having with BAC. I am not re-assured that my loan will get modified. I have lived in my home for 15 years, we don't have perfect credit, but due to lost jobs almost 3 years ago, we've been fighting this since. We were back working shortly after losing our jobs, but haven't been able to settle this dispute and now they have sold the loan. Great. I guess all I can do is hope and pray.

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  47. Thanks for the comments and updates. I was in a modification with (Wilshire) and then I received a letter saying my loan was sold to BAC. I went onto Wilshire website today and all it show is BOA. Then i call Wilshire and the number was busy. I don't know what's going on but I will be calling BAC tomorrow. Hopefully I will get some updates on my Mortgage. Wish me luck!!!

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  48. My Wilshire loan was sold to BAC and nobody has any records of it at all, I can't even pay my mortgage, they don't have any records of my loan! After reading this I'm sort of freaking out.

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  49. I'd be freaking out too. It is completely unbelievable how incompetent these people are. I'd call my local DA and see if you can file a complaint. And, I'd inform Bank of America (BAC) you are doing so.

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  50. This comment has been removed by a blog administrator.

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  51. I never moderate comments, but I removed the last post because it looked like a solicitation.

    If it wasn't - apologies. Resubmit in a way that doesn't looking like you are trolling for business.

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  52. I also had my loan switched from Bank of America to BAC and they sent out new payment coupons and when I paid that amount they said I should have paid the old amount not the amount on my coupon! I had to hold for over a hour to talk to someone. This month I paid my home loan payment on the first, as I have been doing every month for the past nine years and I get a letter from them saying my payment had not been received by the 2nd. It is very frustrating! I have never been late or missed a payment for 9 years and now this company sucks.

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  53. So frustrating. When I was first starting out - I couldn't get a loan from BoA. They were so strict and I hadn't established credit yet. Now I have ridiculous credit and the premier lenders have turned into the Kmart of lenders. I get anxious getting any letters from them now that they have switched me to BAC. They sent a a refinance letter a couple of days ago and I turned to my husband and said "why would they even send that us - you know they aren't going to refinance anyone. I'm not an approved member of congress anyway. Which are the only people they are approving".

    In any other period in time, I would have my pick of lender. They would be falling all over themselves to lend to me. Now, I don't even trust any of them enough to refinance. I will just wait until the fallout if over, and then I will move my loan to the one who treated their customers the best. You can bet it won't be BAC.

    As soon as I safely can, I'm going to take my money elsewhere.

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  54. I too am moving from BA as soon as possible. I think they are on their way down. Customer Service sucks! I'm on hold as I type. Second time today after being hung up on. Doesn't do any good to go in person to the bank...they just call the same people and hand you the phone. Two months I've been working on this. Good credit, no missed payments, boom they "accidently" cancelled my payment plan in February and I've been struggling with them ever since. This is call 6 and I've been on hold for an hour. They are either scamming or they have a bunch of imbeciles working for them. Hung up on me earlier when I asked for a manager. Wish me luck.

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  55. Post from John WRight removed due to it looking like spam. Additionally United Law Group was raided for fraud.

    Here.

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  56. Intersting. I called my local bank branch to tell them that things look bleak for the future so I was interested in getting some understanding of what options I may have under Obama's latest announced Making Homes Affordable program. My local bank officer told me to call an 888 number which is BoA's MHA line. After an extensive conversation with that person, he put me intouch with a loan officer who, after learning that I was interested in understanding all of the options that might be available to me if I am facing a "hardship", put me in touch with another toll free number which landed me at BAC Home Servicing, LLP, a DEBT COLLECTION COMPANY. I was quite angry because my local bank sent me down this long road to a debt collection company, which at the outset of the conversation wanted my social security number. I will be back someday financially and I will remember the banks and how they have treated me.

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  57. I was in the process of a refinance (excellent credit and payment history), where BOA was going to take over my loan from WF and simply give me a better rate -- after all, they would be giving a GOOD loan. Received information that they planned to sell my loan to BAC Home Loans Servicing, LP and I quickly did some research and came across this AWESOME blog. Raised a total red flag for me and I called BOA to see if they would be willing NOT to sell my loan to this company and got hung up on. I called back and was put on hold for the longest time then 20 minutes later was told to go through my broker for any loan document modifications. After this kind of customer service (not even having signed loan documents to go thru closing with BOA), I called my broker and told him that I would like to pull out of the refinance process all together if there is no other lender willing to touch my refinance loan. You see, my biggest issue is the program I was put into with "lender paid PMI", which was figured into my interest rate FOR THE LIFE OF THE LOAN. My house is upside down and located in a "soft market" area. Even Lending Tree said it was better not to try to refinance. My problem is that my WF loan is a lot more than what I can afford and BOA was the only lender willing to try and work with me for a refi. After reading these complaints about BAC's shoddy business practices, I prefer to keep my current mortgage with WF even though they refuse to modify my loan so that we can afford to pay it. I now have peace of mind knowing my mortgage is in GOOD hands. THANK YOU ALL FOR YOUR HONEST COMMENTS!!!!!!!

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  58. That is very kind of you to say. I don't think they make make you pay PMI for the life of the loan. Unless some rules have changed. For the past 15 years they were required by law to disable PMI once you have a 20% equity stake.

    Now, that may take you a long time. But clearly not the life of the loan.

    So what will you do? Since you say the mortgage is more than you can afford. Suck it up? Default? Just curious. I wish you the best.

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  59. Crazy, we thought we were unique! We got a loan from BofA in 2005, in Nov 2009 we got notice that BAC would now be a servicer. They have lost payments and now for 5 months we have been fighting with a ignorant customer service dept. Going from person to person, being asked to send bank statements over and over. Our own bank Wells Fargo even got on the line and showed proof of payment. BAC and BofA are still clueless as to where the payments are. Nothing is happening. WE put in writing that we would not make another payment to them until they locate our lost payment. They are ruining our credit, and according to the credit report it states Fannie owns this account...we were never informed of this. They are a bunch or crooks. I hope they try to foreclose it will be fun smearing them in the mud. Oh and we also got one of those debt collector money due letters in Dec. That is what led us on to know something was fishy. WE are the class action attorneys?

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  60. I found this site by googling the BAC name. I'm upset because I just happened to look at the new renewal of home owner's insurance - it shows Primary Mortagee as BAC Home Loans Servicing, LP (which I never heard of an freaked when I saw that). We refinanced last Sept. for a better rate (yey, 4.75) the original mortgage WAS with Bank of America but that was paid off in Sept. - I'm upset and can't get in touch w/my insurance agent until Monday. BAC seems like a debt collection for the most part. We were NEVER late or in default or anything. I'm concerned how this is affecting our credit.

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  61. So far being with this company has not affected my credit. But I'm jittery enough - that I take a snapshot of my credit report quite often to prove I am current.

    My score has actually gone up a few points. The only thing that has changed is length of loan. If it makes you feel any better. I mean, you can't change anything now.

    Just make sure you keep a close eye on your report. And document it.

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  62. I got two calls last night and I have nothing to do with them. It is nearly impossible to call them back and talk to someone. I found their registered agent in Wisconsin so I guess I will sue for harassment.

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  63. I am seriously so frustrated I want to drive my car through their front window. I had online access...five or six months ago, they wanted me to confirm my information for some improvement to their online system. The whole process killed my account and now the system doesn't recognize my loan number even though it's MY FREAKING LOAN NUMBER! On the statements, etc. Previous to this, I always paid online, which obviously is now not possible, so for the last 5 months I've called the automated system to make my payment. It takes me at least 5 calls and 45 minutes once a month to make this stupid payment and I am so pissed by the time I am done, I want to kill someone. I've been trying for 45 minutes to make my payment tonight with no success. I'm giving up and going to bed. I read something about these loans being improperly transferred to BAC and there is a possibility that many homeowners' loans could just go away. I hope the assclowns that run this farce of a company get wrecked. They've earned it.

    Nighty night.

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  64. Best case against bailouts I've ever heard. It breaks the feedback loop.

    It doesn't matter what they do, because they stay alive anyway.

    I hope their financial destruction comes before your mental destruction. The minute people are able to refi - BAC goes bust. They've torched the trust of the public. They can only keep us hostage so long.

    Good luck to you.

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  65. I got the same letter, ignored it and now had a notice posted on my door that house is being sold at auction on 11/4/10 and from time new owners serve paperwork until move out day is 60 days. Can anyone give me info on this? I don't have money for an attorney - tinacart@hotmail.com

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  66. The obvious answer is - this is not the time to ignore any notices from any bank or financial institution.

    If you are behind on your payments I would imagine you are screwed. Sorry to be so frank.

    If you are not behind on your payments I would immediately take a snapshot of your credit history.
    I've started doing this regularly as the banking sector is behaving like it is under collapse.

    When people in good faith do not know if houses belong to them. When people who have a hard time submitting payment for their mortgages. When banks foreclose on houses that have never missed a payment. Despite being into this thing for several years banks can't figure out how to run their businesses. When mortgagees can't count on stated decades old rules by servicers - this sounds like a degree of collapse.

    Unfortunately there is no uniform advice to be given. Especially not knowing if you are current or not current. Sorry.

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  67. Add me to the list of folks that received the nasty letter today.

    I filed a complaint with our state's AG office because I thought it was a scam. I appreciate reading the feedback here and hope that now I'll be able to get a bit of sleep before trying to unravel the "mess" on Monday.

    Seems a bit of a terror tactic when a form letter goes out to folks who pay everything and on time with such a threatening tone and language. Makes me want to be mortgage free fast!

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  68. I HAD a home loan with BOA ,sold the home in Oct 09. Yesterday I received a check from BAC which said "Escrow balance refund" My name, my address, but a different loan number. The closing on that loan was a year and a half ago! No enclosed letter or phone number. Adress in Woodland Hill, CA. I live in Florida. Suppose I should RUN to the bank and cash it - My accounts are with BOA - afraid they'll come and want the money returned. Anyone had this happen?

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  69. Same here BAC sent a check we got today... Our mortgage is through BOA, have not received any foreclosure papers or any notices of changes.. We did do a modification couple months back... I think BOA is screwing us though cause the payment didn't change much, and they will not let us get our own home owner insur... making us buy it through them for some reason.. Should we cash and run or is this check fake???

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  70. Did you carry insurance before the modification? If you were up to date - I don't know how they could force you to a new insurance company.

    If it were me - I'd call them. I'd hate to stick that money in my account and depend on it = only for them to take it back. At least this way you know.

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  71. After searching the net for answers...this was the first place that could even relate. As stated above, we too just received a large check from Woodland Hills CA...which I'm assuming is the address for the BAC general office. We have not remodified our loan - so now I'm praying to speak to a live person that can explain why we received this "mysterious" check. Has anyone else dealt with this w/ more clarity??

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  72. Hello Lou-Ann. Could this amount be from overpayment of property taxes? I don't know if you have an impound account.

    It's the only thing I can think of.

    If you speak to someone, let us know. It helps unravel the mystery that is the banking industry right now.

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  73. Hmm. (from Michigan) My sp and I divorced in 03 and I bought it out and re-did-a-mortgage with C-wide. that's 2 loans with C-wide. Now comes BOA Home Loan Servicing buying out C-wide. and Ive been paying for years to BOAHLS, online, over phone, check in mail etc. then all the past 2 years of BS happened in the market. So I dont go online anymore, dont send checks in mail anymore. I walk down to the local BOA branch (parent of BOAHLS-I hope) and pay at armslength to a REAL BOA EMPLOYEE- and I get a receipt. Here is the interesting part...I get a letter from BOAHLS 2 weeks ago telling me that servicing of my loan is being transferred to B.O.A, NA. I guess that I have renegotiated the contract by my behavior... - I dont even want to think about how this could fail... they are reading this too. Im looking into a forensic mortgage document investigation for not only title but to see if my wierd paperwork process resulted in any of that robo signing, etc. Wish me luck.

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  74. ...(more from MI)
    I just read my letter again and have the following correction to add to my post above. COrrect BOAHLS to really be BACHLS,LP.
    BOA, NA is parent of BACHLS,LP.
    It is stated that nothing else will change except the name of the entity a check is written to.
    Folks - It has been painful, but I have my own papertrail of receipts.
    The old fashioned way seems to be working.
    I am not l@@king for a loophole to hang BOA or soak money out of them.
    I believe so far I have convinced them that I have a performing loan that they want to keep.
    And at least for now I can scrounge up the dough to pay the mortgage.
    My dad told me that in the depression his family kept their house because his dad worked out a deal with the bank to pay "interest only" until things got better. Where have those sdays gone.
    I wonder if enough people merely lobby to pay interest only until things get better for themselves, would the banks take it.?
    The smart aleck answer is YES and the house too. (as we see these past 2 years).

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  75. I am a first-time homebuyer & my loan was sold to BAC Home Loans Servicing before I even made my first payment! Of course this caused me concern - and I thought it was something negative; however, upon talking to many people, I found this was common place. I then did some online research to find out more about BAC Home Loans Servicing, and found a lot of negative info. This caused me further concern! I then reminded myself that the majority of people post reviews when they're unhappy or have a complaint, so I took some of what I read with a grain of salt & hoped that just as many people had positive experiences (but just didn't take the time to write about them).

    So far I'm pleased with BAC Home Loans Servicing. I called & spoke with a Customer Service Rep and she was very friendly, professional, and informative. I have received my payment information in the mail in a very timely manner, and may transition to paying online since that is what I'm accustomed to.

    I have my fingers crossed that I continue to have a positive experience with BAC Home Loans Servicing & that I don't encounter some of the issues that were detailed in this blog.

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  76. Thanks for posting. We all hope your loan will be uneventful.

    I never had any of the problems some of the commentors here had. But then I really never had to call them.

    Interestingly, I just got a letter yesterday that they were transferring my loan back to Bank of America. I don't know what triggered them to transfer it to BAC, and I don't know what caused them to transfer it back. My credit score has been over 800 the whole time.

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  77. Thanks for posting. We all hope your loan will be uneventful.

    I never had any of the problems some of the commentors here had. But then I really never had to call them.

    Interestingly, I just got a letter yesterday that they were transferring my loan back to Bank of America. I don't know what triggered them to transfer it to BAC, and I don't know what caused them to transfer it back. My credit score has been over 800 the whole time.

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  78. It is a comfort to know that we are not alone in this mystery! After owning several homes this letter is frightening to say the least. We also have perfect payment history and great credit. After calling the number that was given on the letter three times now, I was given three different stories. That is the scary part! I have come to the conclusion that Bank of America representatives don't even know what is really going on with the company. After reading the letter my interpretation is that if we don't pay the balance in full we are going to be charged fees. Also, the amount of the loan on the letter did not line up with our records to date. Make sure you check your loan balance to see if charges have already been applied to your loans!!! We are waiting for a call from the Vice President of Bank of America and also have our realtor doing some research. Next step...I guess our attorney. I don't think it would hurt to make several copies and send them to Congress, our President, our Governor and our City leaders as well.

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  79. So far being with this company has not affected my credit. But I'm jittery enough - that I take a snapshot of my credit report quite often to prove I am current. My score has actually gone up a few points. The only thing that has changed is length of loan. If it makes you feel any better. I mean, you can't change anything now. Just make sure you keep a close eye on your report. And document it.

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  80. It's been a very long time since I've gotten comments on this post. I'd hoped they had gotten their shit together. Apparently not.

    I've done what Alexiszcjc has done. And it's been more than a year and I still have perfect credit. But I watch it like a hawk. I would try to get resolutions to your questions, but as long as your credit is perfect. Things are assumably fine. With this company though, I guess you can never feel secure that things are actually fine.

    Such immense distrust of the banking sector is never something I would have thought I would see in my lifetime. Yet here we are.

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  81. This comment has been removed by a blog administrator.

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