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IBM takes over BoA mortgaging during my loan remod


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First, I haven't read on these boards about this acquisition - anybody in the same boat?

 

I called BOA about the loan mod program in Sept 2009. I was asked questions and over the phone, they reduced the payment by $300 effective immediately (paperwork to follow to determine is accepted). I was told I would get default letters as long as it was the trial period but to ignore them. Around 5/2010, I received the paperwork which basically requested income information. Sent that in within the 15 day time frame. Soon thereafter, I received a letter about IBM's acquisition of BOA's mortgage dept.

 

Meanwhile, I lost a major account in Feb and have missed the past 4 payments. I'm not sure what to do. I'm acquired plenty of new work to allow me to make payments again at the reduced rate but I guess that's a goner now. What DOES happen when you are in the middle of a mod and the loan is sold? I can only assume you are SOL. So should I begin paying IBM and at what amount? What would you do?

 

Thanks. I'm feeling very lost...again.

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First, I haven't read on these boards about this acquisition - anybody in the same boat?

 

I called BOA about the loan mod program in Sept 2009. I was asked questions and over the phone, they reduced the payment by $300 effective immediately (paperwork to follow to determine is accepted). I was told I would get default letters as long as it was the trial period but to ignore them. Around 5/2010, I received the paperwork which basically requested income information. Sent that in within the 15 day time frame. Soon thereafter, I received a letter about IBM's acquisition of BOA's mortgage dept.

 

Meanwhile, I lost a major account in Feb and have missed the past 4 payments. I'm not sure what to do. I'm acquired plenty of new work to allow me to make payments again at the reduced rate but I guess that's a goner now. What DOES happen when you are in the middle of a mod and the loan is sold? I can only assume you are SOL. So should I begin paying IBM and at what amount? What would you do?

 

Thanks. I'm feeling very lost...again.

I would imagine the information should transfer over in a perfect world...but who knows. Call and ask -- a lot of times when a company gets a new loan they have some procuedure to help out people who were going through a loan mod process.

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