Our mortgage was just sold to Bank of America. Can anyone help me?

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We are (or were) a customer of Taylor, Bean, and Whitaker Mortgage. I went to make our mortgage payment today and found out that TB&W has suddenly gone out of business this past week and our loan has been sold to Bank of America. I realize that mortgages are bought and sold all the time, but I am kind of concerned after speaking with two different people from BOA this afternoon. The first person I spoke with told me that customers from TB&W are not yet in their system and that they won’t be for about 2 weeks, but that we could mail our payment to them and he gave me the address to mail our payment to. He told me to just write our TB&W loan number of the check and it would be all set. I then called back to ask them another question and I was told by this other person to NOT mail our payment yet and to wait until we receive our welcome packet in the mail within the next couple of weeks. This person told me that if we were to mail a payment, even if it had our TB&W loan number of it, that they would have no idea where to apply our payment since we’re not in the system yet. I also asked if there would be a grace period so that we don’t have to make 2 payments so close together and this person couldn’t give me a definite answer. This is very disturbing to me. Two people from BOA have told us completely different things and we don’t know which one is true. We want to make our mortgage payment, but at the same time we don’t want to mail a check to Bank of America and just have it get lost in the transition or have it take forever for them to take the funds from our checking account. Does anyone know what we should do? My husband thinks that we should call them again on Monday to see if we can get a straight answer, but I really want to know now! Please help!

6 Comments
  1. Reply
    Landlord
    May 19, 2011 at 2:15 am

    Why on earth did they even call you? This is really out of line.

    Mail your payment to the same address as you did before. It will be applied and processed during the transistion. You do not have to mail to BofA until you receive written notice in the mail.

  2. Reply
    kemperk
    May 19, 2011 at 2:32 am

    a; all of them could be correct based on what their section supervisors
    have told them.

    b; what are your options: the BEST thing I would advise is to
    visit your title company [if you closed escrow at a title company]
    or your atty’s office if your state does not have title companies
    and open a temp acct there.

    YOU need safety and the knowledge that your payment gets
    credited to your acct ASAP.

    In most times, that is easy. 2009 is not normal times.

    IN some cases, loans are put on hold and you may not
    be asked for your payment for weeks or EVEN months!

    My suggestion is, sit tight AFTER you open that
    temporary escrow account. AN escrow account is
    meant to hold real estate money. Whether
    held by an atty, or a bail bondsman or bank or
    whomever, it should be a place close to you that
    can SECURE the money.

    IF nothing seems secure, you can either NOT yet write the
    check out or take it to your own bank and open a 2nd [3rd]
    temporary account.

    I would not call anyone NOW–only because you are trying to
    get their synchronized system to recognize you AT your convenience. NOT logical. Wait.

    IN those cases where someone is trying to run a con,
    they would not set up an acct or be above board. YOU are
    not trying to do anything unethical but instead, put your
    payment away safely.

    BE relaxed. Be sensitive to the whole. Wait for the
    turtle and snails to catch up with you.

    available to guide you further

  3. Reply
    AJ
    May 19, 2011 at 3:01 am

    I’d send the check to BofA just as the first representative suggested. I’d do it by certified mail and keep the canceled check with the date it was cleared. I’d also be scrutinizing the statements and checking how much interest they charged.

    Whatever issues they have with the transition, it’s their problem. If anything goes wrong, you can ultimately go to court and get this straightened out as long as you show that you fulfilled your part of the commitment.

  4. Reply
    suez
    May 19, 2011 at 3:16 am

    contact you Congressperson, there are new laws that favor ripe off bank like B of A, they will find ways to weasel into debt you did not bargain for; oh, and good luck on that Monday getting a civilized answer from any of those monkeys at BOA – Bunch of Asses.

    You best bet is to walk in talk to the bank president, and they look for new financing before you lose you house, not because you don’t pay, but because they will find a way to have you accrue charges larger than your monthly note.

    Really get in touch with your Congressperson and get some guidance. Former BOA customer.

  5. Reply
    KT
    May 19, 2011 at 3:29 am

    Okay, this is a serious issue, and its very upsetting when things like this happen on a Friday. Its too bad that B of A doesn’t have a clue what you should do either, I completely sympathize. My advice to you is to just ‘hold that thought’ until Monday because nothing else can be done about it until then.

    Also, don’t feel panicked that you will have to make 2 mortgage payments very close together, (if this ends up happening) because if you have enough money to make the payments in the first place, as long as you don’t spend the mortgage money, you will have enough to pay twice, you just have to budget things out a little more strictly this time to make sure everything runs smoothly.

    On the other hand, you know if your mortgage payment was due now by your original bank and is not due to B of A until a later date because they are changing the system, why would they ask for your next months mortgage payment less than a month after the first one? Just doesn’t make sense, they wouldn’t do that.

    Don’t panic, no reason to let this ruin your weekend! Don’t even worry about it until Monday.

  6. Reply
    AZ Bank of unAmerica customer
    July 30, 2011 at 11:25 pm

    IF you have any sense at all, you will run to the nearest finance institution and apply for a new loan to get rid of BoA! This bank needs to be closed, and its assets divided amongst the poor Americans who have lost their homes while being strung along by BoA (in both foreclosures and the short sales)! Oh, and the monies BoA received for the TARP/HAMP program participation, yes, these funds (with interest) need to be returned to the U.S. government! Then, maybe the next President can actually find a way to help the citizens!

    RUN from BoA! Do not bank with them EVER! Had a Countrywide loan here and have been royally screwed ever since BoA got involved!

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