I have a mortgage contained by countrywide. I assume that BOA cannot change the lingo of this mortgage since it is a legally binding document.
Also, be there any problems surrounded by such lender mergers in yesteryear and how were their customers artificial.any complaints from complaints.com and such.
Answers: The company doing the servicing on your loan may change, but the vocabulary (rate, 30yrs, etc) WON'T.
Remember, your mortgage was package up with millions of $ of similar types of loans and sold on Wall St as a mortgage back security. The company doing the servicing get $ for handling those duties, and these servicing contracts are sold.
As for BofA and Countrywide... there is writing on the wall that BofA will thieve Countrywide RETAIL only... to be precise to say, they will be originate loans, but not selling loans wholesale (yup... wholesale... that is how mortgage brokers seize loans done).
I'm not sure how BofA could close up CWide to wholesale, as there is a LOT of revenue generate off of $160BILLION contained by loans close wholesale Q2 2008. But...
Best of luck!
The terms of your mortgage cannot be modified. However, you MAY see a different (better or worse) even of service, since the new owner will very soon be handling the mortgage. In the case of BOA, it could be worse. The solitary change will be the dub of the company you send the salary to.
It is actually a REALLY right thing!!
you'll be writing a check every month to a different company. hope this help.
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Also, be there any problems surrounded by such lender mergers in yesteryear and how were their customers artificial.any complaints from complaints.com and such.
Can't seize approved for home loan, immediately what?
Answers: The company doing the servicing on your loan may change, but the vocabulary (rate, 30yrs, etc) WON'T.
Remember, your mortgage was package up with millions of $ of similar types of loans and sold on Wall St as a mortgage back security. The company doing the servicing get $ for handling those duties, and these servicing contracts are sold.
As for BofA and Countrywide... there is writing on the wall that BofA will thieve Countrywide RETAIL only... to be precise to say, they will be originate loans, but not selling loans wholesale (yup... wholesale... that is how mortgage brokers seize loans done).
I'm not sure how BofA could close up CWide to wholesale, as there is a LOT of revenue generate off of $160BILLION contained by loans close wholesale Q2 2008. But...
Best of luck!
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The terms of your mortgage cannot be modified. However, you MAY see a different (better or worse) even of service, since the new owner will very soon be handling the mortgage. In the case of BOA, it could be worse. The solitary change will be the dub of the company you send the salary to.
It is actually a REALLY right thing!!
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you'll be writing a check every month to a different company. hope this help.
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