Bank of America sends Amanda Brown an exclusive message, Investors transferring services of a loan

When you have a loan on your home, one important thing to remember: the bank you write a check to every month most likely does not own your loan.  There are thousands of investors who have an interest of some sort in all the home loans.   These investor could be Fannie Mae, Freddie Mac or smaller private investors.  Regardless of who the investor is, many times through the life of the loan, the servicer will change.  We are seeing this more now than ever as investors are packaging up their troubled loans and transferring the servicing to different companies.

Why is this important for you to know?
It is happening more and more as a homeowner get's delinquent on their mortgage.  So if this happens to you make sure you keep copies of your paper work that is sent to you.

What happens if this happens and I am doing a short sale?
There is a very good chance that while doing a short sale your loan could be transferred to another servicer.  If this does happen you are still able to short sale your property.  However, the short sale will have to start from the beginning once the transfer is complete.  It can take up to 60 days for a transfer to be complete.

I know this can be very frustrating, especially if you are in the middle of a short sale

But take a deep breath and know there are experience teams out there such at The Amanda Brown Team who can help you.  Call us at 702-496-7416.

See below more information provided by Bank of America about transferring of a servicer.

Exclusively for: | AMANDA BROWNForward a Friend Short Sale Customer/Agent Care 1.866.880.1232 8 a.m. - 10 p.m., Mon. - Fri., ET 9 a.m. - 5:30 p.m., Sat., ETbankofamerica.com/shortsaleagent
Short Sale Agent Update January 8, 2013 Bank of America services mortgage loans for hundreds of investors. As a part of normal servicing, investors may decide to release or transfer servicing from Bank of America to another company. Servicing may be transferred on first, second or stand-alone liens. The new servicer should continue with the short sale. Some key activities that may occur during servicing transfer: Bank of America will send the homeowner a letter 15 days before the servicing transfer date. Bank of America may call the agent to advise of the impacts to the short sale. The new servicer will send a letter or statement advising the homeowner where to send payments. Action Required Review the Frequently Asked Questions document. Advise the homeowner to maintain all contact information and letters related to the servicing of their mortgage. Collect all servicer contact information and letters from the homeowner frequently throughout the short sale. Contact the new servicer with the homeowner to determine the options available to the homeowner. Keep in mind that it takes 30 days or more for the new servicer to access the loan. The Amanda Brown Team Nevada Realty Solutions Amanda Brown 702-496-7416 brownnvrs@gmail.com Like us on Facebook Follow us on Twitter lasvegasshortsalesnow.com