My mortgage was sold from Bank of America to Nationstar in May of 2013.īanks writing bad loans and then selling the debt to 3rd parties as investments is what caused the meltdown. When I tried to refinance they told me that I cannot - Answered by a verified Real Estate Lawyer We use cookies to give you the best possible experience on our website. Chase sold my mortgage to Nationstar LLC I know what OP is saying.īank of America agreed to sell Nationstar Mortgage Holdings Inc. When banks sell loans they are really selling the servicing rights to them. Nationstar after taking my mortgage payment for 8 months from an automated 53rd bank account. Why Nationstar Is Riding High Thanks to Bank of America Nationstars recent purchase of B of A MSRs helped the servicers outlook tremendously. NS told me there taking a 1100 payment or nothing. I found your original post after I posted my thread and answered my own.Ī mistake on nationstar and under writing refused to remove. After about a year of fighting and sending TRUCKLOADS of documents they swore they never received from usover and over and over again we were approved back in February of 2014. There are basically two main reasons why a lender might sell your mortgage. This frees up credit lines and allows lenders to pass out money to other borrowers and make money on the fees for originating a mortgage. They said that our rate is locked into what it was back in November. I was told nothing would change except the address where my payment was to be mailed. For 104 billion in residential mortgage servicing rights. The first transfer usually very soon after closing is allowing the lender to clear their slates refill their coffers and make more loans. One year after my account was transferred as of June 2014 I noticed Nationstar Mortgage started applying 100 of my payment. Nationstar Mortgage Holdings NSM bought 104 billion in mortgage servicing rights. Bank of America BoA home loan customers are in shock after BoA sold the servicing rights of two million mortgages to Nationstar Mortgage.Įveryone was up to their ears in bonds created off shaky loans packaged together and when those loans started defaulting en masse it rippled across the globe. NS sent me a letter saying they were placing forced insurance on my mortgage because of BA had put forced placed insurance. Bank of America sold my mortgage to Nationstar Mortgage.
Why did bank of america sell my mortgage to nationstar. Nationstar Short Sale Application Forms And Packages Home Loan Help Bank of America Dumps 2 Million Mortgages to NationStar. Bank of America even helped me setup automated payments with their online bill pay service to have payments mailed directly to the new loan service company Nationstar Mortgage.
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