My Mortgage is Being Sold to Bank of America?? ! - Countrywide/BOA Merger

[K Gardner]

I hate Bank of America. Will BoA soon own everyone's mortgage and be the ONLY bank left in the country? I've had absolutely no problems with Countrywide and fear I won't be able to say the same for BoA. Should I refinance prior to this merger? Anyone else get this letter?......

Opportunity is around the corner.

If you haven't heard, Bank of America will soon be welcoming Countrywide customers. Bank of America is one of the world's largest and most trusted financial institutions.

For now, there's no need for you to do anything.

In the meantime, you may continue to receive special offers from us. Feel free to take advantage. Countrywide remains open for business and ready to serve your financial needs.

Edited to add the link to FAQs on BoA's site. Sheesh..


http://welcome.bankofamerica.com/homeloans.html

[Autumn Colors]

1. Yeah, I just got that email, too (edited to add something)

I unfortunately can't refinance because according to my town's property assessment (based on their formula of assessment value being 70% of estimated current market value), my house is now worth less than the balance of my mortgage. My entire down payment + additional equity (since I'd been paying additional money each month) has been completely wiped away....

:(

[K Gardner]

6. Same exact thing happened to my next-door neighbor... so sorry to hear that :-(

[suston96]

16. Used to be tax assessed value didn't mean market or loan value....but times have changed.....

Did you ask your bank - any bank still doing mortgages, about the loan value of your property?

[rox63]

18. All my equity is gone as well :-(

My mortgage was sold last year, although not to BofA. It was sold to a company I'd never even heard of. When I bought my condo in 2005, it was considered a good deal. Now the value has dropped so much that I owe more than it's worth.

[bluestateguy]

2. I know. They are impossible to get away from

My MBNA account was absorbed by BofA. I keep it open, but never use it and the balance is zero.

The regional bank I used as a college student was swallowed up by BofA.

[appleannie1]

13. Same here. I had used my mnba account and B of A upped the fixed interest. Paid it in full asap.

Kept mine open in case of an emergency but never use it.

[slackmaster]

3. I hate Countrywide for its past business practices, and I hate Bank of America in general

I refinanced my Countrywide mortgage in 2003 when rates were very low. I got a great deal.

One month later, my new loan was sold. To Countrywide.

Now B of A, which I have despised for decades, owns Countrywide.

To put the icing on the shit cake, both B of A and Countrywide are major customers of the company I work for. So when I make my mortgage payment, some of the money comes back to me in my paycheck a month or three later.

[Autumn Colors]

5. Yeah, I didn't choose Countrywide either

I went with my local bank who'd been handling my personal and business checking accounts for years. After one mortgage payment to the bank, they promptly sold my mortgage to Countrywide ... and now it's going to BofA. As I just posted above, I now find that I have an "upside down mortgage" -- despite having a traditional 30-year fixed mortgage and having made a down payment on the house. Can't refinance. The balance of the mortgage is more than the house is now worth.

[K Gardner]

8. I actually started out with E-Loans, got a really good refinance rate and 3 mos later they sold it

to Countrywide. I've heard horrible things about Countrywide, but I've never had a problem so I was hoping just to ride this out with them. Now I feel dirty ! BoA, blech.

[Dervill Crow]

17. Exactly what happened with us.

Nothing horrible has happened since we've been with Countrywide, and we have basically no equity in a house that should be almost paid off because we've refinanced several times over the past 25 years. I break out in hives every time I think about our mortgage.

[CoffeeCat]

4. Are they kidding?

"Bank of America is one of the world's largest and most trusted financial institutions."

Really now? What marketing genius stayed up all night writing that?

Sorry KGardner. I wouldn't like this either.

It's hard to know what move to make, isn't it?

[K Gardner]

9. LOL, I know. As I was reading my "welcome to BoA" email, MSNBC was airing a segment

on the most RECENT BoA scandal with the millions/billions of TARP dollars.

I'd refinance, but in a few months I have a feeling I'd end up a BoA customer no matter who I refi'd with. It's getting scary out there.

[louis-t]

7. BoA have laid off thousands. The lines at my branch

suddenly grew. 20 to 25 minute wait all day. Meanwhile a manager walks around saying "does anyone JUST have a deposit, I can handle that for you?". I'm looking for a new bank.

[Catshrink]

10. "Produce the note"

Where is that piece of paper now????? My mortgage hasn't changed hands, as far as I know, but I anticipate it happening. I'd be surprised if it didn't.

[K Gardner]

12. Yeah.. I was just re-reading that thread here. Wonder who, if anyone, actually HAS my note !

[onehandle]

11. Same with us. BOA sucks. Obama should have let them sink. Nationalize Banks Now! nt

[appleannie1]

14. Can you refinance at a credit union?

[K Gardner]

15. That's an idea I may check into !