by Beks
Over the last few weeks, I received 38 calls from Bank of America representatives. Sometimes, they would call up to three times a day. Annoyed with their constant “we lost your paperwork” and “you make too much money for program A but if you submit new paperwork for program B…”, I started ignoring their calls.
I am not an idiot and I don’t have 40 hours each week to gather paperwork for them to lose.
About a week ago, the calls stopped. They stopped leaving messages. They stopped requesting any information. It didn’t make sense. Why did they give up so suddenly? Did they finally get the hint?
Today, I received a letter from the Bank of New York Mellon…
The new owner of my home loan.
Sadly, I know absolutely nothing about the Bank of New York Mellon. What do I know? That I am no longer a B of A customer.
It’s hard to do cartwheels at 29 weeks pregnant but…
I’m going to give it a try.
Beks is a full-time government employee who enjoys blogging late into the night after her four kids have gone to sleep. She’s been married to Chris, her college sweetheart, for 15 years. In 2017, after 3 long years working the Dave Ramsey Baby Steps, they paid off more than $70K and became debt free. When she’s not working or blogging, she’s exploring the great outdoors.
Your loan was likely sold because the behavioral model used said you have a high probability of strategically defaulting on your loan. Your efforts to get it modified were not successful, and it’s common for astute people that cannot get their loans modified to default. The purchasing party, who may not even be BNY Mellon (they are a large loan servicer for investor pools), probably bought a package of these loans at a nice discount.
B of A lost money on you, even though you continued to pay diligently. The buyer of this package of loans will earn a nice return on your remaining payments, much higher than your nominal interest rate.
We experienced the same thing that you’ve been experiencing with Bank of America. Our loan is with Chase. We called numerous times to discuss modifying our current loan, submitted paperwork, etc. They kept giving us the runaround and that we did not qualify, etc. We decided to contact a different company to refinance our loan. We are currently in the process of closing on our new FHA loan at 4.5% interest rate, going from a 6.5% and 8.5% for our first and second mortgage. You should consider to refinance with another party.
My wife did a cartwheel while pregnant and was sorry she did. Nothing tragic happened but she felt horrible afterwards. Enjoy your convalescence.
Congratulations! We dislike B of A very much…they were not nice to us after 24 years of being customers.