Our first lender was country wide and bank of america took over our loan and we make payments to bank of america. Now our house is underwater and we g

Asked by Arsing, 22201 Tue Jul 3, 2012

we got a letter of default and date of trustee sale , my question is how come our new lender was bank of new york, who really owns our mortgage? Is bank of new york holding our notes?how they do not call us or communicate with us? please, give us an idea what is really going on.

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Rita, Home Buyer, Fancy Gap, VA
Tue Jul 3, 2012
Loans were bought and sold as part of the credit default swaps so your original loan was probably resold. If you have received a letter of default then you need to contact a lawyer as legal proceedings have already started against you.
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I would advise contacting the bank first. Legal representation isn't always necessary and probably more importantly, affordable. Most people do loan modifications without ever contacting an attorney. Short sales also for that matter.
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Jeanne Little, Agent, Vienna, VA
Tue Jul 3, 2012
Arsing, Look closely at the paperwork you last received in addition to the paperwork you have for BOA. Look for phone numbers. If they are not present go online and get numbers and start calling. Be sure to make a log of when you called, who you spoke to, where they are located, what was said. Feel free to contact me to discuss further. My office is in Arlington and I have additional training in distressed property and consultation.

Jeanne Little
Century 21 Gawen Realty, Inc.
Arlington, VA
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Annette Law…, Agent, Palm Harbor, FL
Tue Jul 3, 2012
I can see the difficulty. From your question I can not determine if Bank of America or Bank of New York is involved.

The first question you must ask yourself is, "Do you want to keep your home?" Seriously, do you have reasonable income that will allow you to maintain and keep the home as far into the future as you can see. If the answer is yes, you need to contact a real estate attorney.

If the response is, "No. I do not see we have the financial ability or desire to stay in this home." then you should constul a multi-dimensional real estate professional who can assess your situation and present to you several options that will lead to resolution.


Don't become a passive victim. Don't expect someone to come to your rescue. Pick up the phone and call. Get the right folks on your side and set upon a strategy that is most beneficial to you and those important to you.

Best of success to you.
Annette Lawrenece, Broker/Associate
Remax Realtec Group, Palm Harbor, Fl
727.420.4041 -
0 votes
Marcia Burgo…, Agent, Arlington, VA
Tue Jul 3, 2012
The only way they communicate with you is via mail. They will rarely reach out to help you unless you have initiated a short sale. Please call or e-mail me to discuss privately. If you got that letter, you don't have a lot of time. I am happy to help you sort this out.

Loans are often sold more than once or serviced by someone else.


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