Homeowners should be aware that a servicing transfer may occur at any time during the short sale process.
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. The transfer of loan servicing is a common practice across the industry, and occurs for a variety of reasons. At certain times investors choose to partner with other servicing companies to help meet the needs of the investor.
Servicing may be transferred on first, second or stand-alone liens. You should contact the new servicer to determine what steps need to be taken to 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 them of the impacts to the short sale.
- The new servicer will send a letter or statement advising the homeowner where to send payments.
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- Review the recently updated Frequently Asked Questions document.
- Advise the homeowner to maintain all contact information and letters related to the servicing of their mortgage.
- Frequently collect all servicer contact information and letters, from the homeowner, throughout the short sale.
- Contact the new servicer with the homeowner to determine the options available to the homeowner. Keep in mind that it may take 20 days or more for the new servicer to access the loan.