what does it mean .. when Bank Of America says that are not the "loan holder"they still need to get approval for my short sale.
Bank of America services mortgage loans for hundreds of investors. Bank of Americas role is to manage the loan they are not the "owner" of the loan so as such as a part of normal servicing of the short sale process BOA will need to get approval from the "owner" of the note for any and all terms related to settle of the original agreement. Also investors may decide to release or transfer servicing from Bank of America to another company so it is VERY important to stay in touch with Bank of America during the short sale process.
Servicing may be transferred on first, second or stand-alone liens. The new servicer should 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 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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