# Mortgage and foreclosure ?'s



## lazydaisy67 (Nov 24, 2011)

Ok, so I'm reading more and more about B of A and lawsuits and settlements and foreclosures, etc. etc. I won't even claim to understand a fraction of what is going on with that, but here's my question. My mortgage is with B of A and I would like to know what happens to our loan if (or when) B of A crashes? Do all of their loans get sold off before that happens? Should we be trying to refinance with a different bank? We tried to refinance about a year ago and they just kept yanking us around with paperwork for so long that we kind of gave up and let it drop. We do not have perfect credit. We have had some medical bills that put us behind a couple of times in the last 2 years, so I don't even know if ANY bank would look at us for refinancing because of that.


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## Davarm (Oct 22, 2011)

It is not unusual for a bank to sell mortgages, In my experience, it is unusual for a bank not to. The first house I had(early 80's), the mortgage was sold 3 times in the 5 years that we lived there.


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## Moose33 (Jan 1, 2011)

lazydaisy67, there's a fair chance your loan has already been sold and BOA just retained the servicing rights. Generally speaking if a bank fails the FDIC will step in and take over until all the failing bank's assets and liabilities can be sold off. I suspect if BOA goes under you'll still be making your mortgage payment, just to some other organization. I've personally only seen one bank failure. The bank was closed for one day. After that, to the public, it looked like business as usual. Several weeks later the bank had a new name. 

Sometimes if personal credit troubles are the result of medical issues, and you can prove it, that will be taken into account/semi overlooked by a new bank during refinancing. If you're ok with your payment and current interest rate I'd suggest staying where you are until your credit repairs from the medical issues. 

Your contract with BOA will be your contract with the FDIC or XYZ bank in the future. When assets are sold they are sold "as is". The new bank doesn't get to change the rules of individual contracts. I can't speak to BOA's methods of doing business, foreclosures, law suits and so on. 

Take care,
Moose

Additionally, if BOA is toe tagged making monthly mortgage payments may well be the least of all of our worries.


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## Immolatus (Feb 20, 2011)

Yes, I dont think it matters at all who holds your mortgage. You can be sure that it wont get 'lost in the shuffle' if BoA goes under, which I'm pretty sure aint gonna happen anyway.
And yeah if they do, we'll all have much bigger concerns to deal with.


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## partdeux (Aug 3, 2011)

Immolatus said:


> Yes, I dont think it matters at all who holds your mortgage. You can be sure that it wont get 'lost in the shuffle' if BoA goes under, which I'm pretty sure aint gonna happen anyway.
> And yeah if they do, we'll all have much bigger concerns to deal with.


^ that


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## JayJay (Nov 23, 2010)

Lazydaisy---I'm BofA also...my biggest worry is not them going under; I'm afraid Countrywide merged our mortgage with those thousands that didn't get recorded at the title company/deed of trust at the court house that were sold in bunches...or worse, just plain deleted.


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## Moose33 (Jan 1, 2011)

JayJay, if your're concerned about recording, you can probably go on line and look at your county registry of deeds. Its pretty easy to make sure your mortgage is recorded. Equally important (actually more importantly) is to make sure the transfer deed (the deed that transfered the property title to you) is recorded. If your county is not on line you can walk into the registry office and check on it. 
Take care,
Moose


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## Immolatus (Feb 20, 2011)

JayJay said:


> Lazydaisy---I'm BofA also...my biggest worry is not them going under; I'm afraid Countrywide merged our mortgage with those thousands that didn't get recorded at the title company/deed of trust at the court house that were sold in bunches...or worse, just plain deleted.


I dont know if this applies to you Jay, but I believe another product of the whole CDO (the mortgage buyng and selling stuff) mess was that the large mortgage holding institutions created a kind of holding company (which are legally questionable) that is in charge of the deeds/titles.It would have been too much work to have the company that bought a mortgage (when bundled with thousands of others) have to go down to the courthouse to change the title each time they were bought and sold because it was happening so often.

60 minutes report on this mess

I couldnt find the article I read explaining the legalities of all of it.


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## JayJay (Nov 23, 2010)

Moose33 said:


> JayJay, if your're concerned about recording, you can probably go on line and look at your county registry of deeds. Its pretty easy to make sure your mortgage is recorded. Equally important (actually more importantly) is to make sure the transfer deed (the deed that transfered the property title to you) is recorded. If your county is not on line you can walk into the registry office and check on it.
> Take care,
> Moose


It's been a while since I read the fraud of these companies..but the impression I got was that even if the deed is registered, it's much deeper than that--- the original paperwork was lost and many even forged as the mortgages were 'bundled' and sold, many sold to more than one company.

Many homeowners had the paperwork of where they pay--that doesn't prove BofA has the originals just because they accept my monthly pmt.


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## JayJay (Nov 23, 2010)

Immolatus said:


> I dont know if this applies to you Jay, but I believe another product of the whole CDO (the mortgage buyng and selling stuff) mess was that the large mortgage holding institutions created a kind of holding company (which are legally questionable) that is in charge of the deeds/titles.It would have been too much work to have the company that bought a mortgage (when bundled with thousands of others) have to go down to the courthouse to change the title each time they were bought and sold because it was happening so often.
> 
> 60 minutes report on this mess
> 
> I couldnt find the article I read explaining the legalities of all of it.


Exactly...and these companies have whistleblowers testifying they forged docs..one they murdered before she got to trial.
Also the holding companies they created, lost/deleted many important documents of ownership or lien.
It's very complicated.


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## Immolatus (Feb 20, 2011)

While I dont actually know this, I would have to assume that if your papers got misplaced/lost, then wouldnt you be free and clear? That cant be right, but it seems logical, no?


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## BillM (Dec 29, 2010)

*I would*



Immolatus said:


> While I dont actually know this, I would have to assume that if your papers got misplaced/lost, then wouldnt you be free and clear? That cant be right, but it seems logical, no?


The only problem with that is, I would still know I wasn't free and clear.

Honor can not be bought or sold and no man can give it to you or take it from you but you can throw it away !


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## Immolatus (Feb 20, 2011)

More info on the MERS (the aforementioned holding companies formed by the banks to deal with changing titles dealing with the CDO's) HERE ON ZH. The big banks are being sued over the whole deal.


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## Padre (Oct 7, 2011)

The only way that you are getting out of your mortgage is if there is a widespread collapse that results in a destruction of the record of your loan, and/or the death of all major creditors of the bank.


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