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pamela230 · Joined: 30 Oct 2008 Posts: 1 1.35 Dollars($)

I bought a home in Palmdale California. I recieved my loan through Bank of America. I found out that they sold the loan to Wells Fargo and Bank of America is just the service agent. Was I suppose to be notified? I was told that I was suppose to be notified and that I had 30 days to resend if I did not want it to be sold. Is this true?

smithsussane · Posted: Thu Oct 30, 2008 7:10 pm Post subject:

Hi Pamela!

Welcome to forums!

As far as I know, whatever the bank has said is true. You should have been notified about the sale of the loan to another agent. However, I think, they had informed you but due to some problem you did not receive the notice.

Feel free to ask if you have further queries.

Sussane.

Posted: Fri Oct 31, 2008 6:13 am Post subject:

You have no control over the sale of the loan, the lender may do as it chooses in that regard. If the servicing of the loan is transferred you do need to be notified.

gmakerley · Posted: Fri Oct 31, 2008 6:55 am Post subject:

i am in agreement with the guest...you have no "resend" rights (it's actually rescission)

greg1 · Posted: Fri Oct 31, 2008 9:27 am Post subject:

I think the posters above may have missed one detail in your post. A lender must notify you in writing when the "servicing" transfers. In your case Bank of America sold the loan but retained servicing rights so the servicing did not transfer. Therefore you do not need to be notified and payments are still made to the original servicing agent.

Several large lenders use this practice because they make money on the sale of the mortgage note and also make money for servicing it.

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Is a consumer to be notified when their loan is sold to another bank?