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Can Bank of America Really Give My Mortgage to the Blood Suckers at Green Tree? – Mike

“Dear Steve,

I applied for a loan modification with Bank of America that took almost a year to finally finish. They did not do very much but extend my 30 yr mortgage to 40 years at 5% and quite frankly did not bring my payment down by much. PLus even with a “Quick Deed” signed and divorce papers B of A would not remove my ex wifes name from the loan.

They sold the second (HELOC) on the house to a blood sucking collection agency because they said to qualify for a loan mod I could not have a second. Well now I am basically paying more a month and I have a screwed up 40 year mortgage at 5% with B of A. But just as things get worse what does B of A do, they transferred my first mortgage now to the same blood sucking collection agency.

Can Bank of America just go ahead and sell my mortgage to a blood sucking collection agency even though I am up-to-date on the loan with no late paytments. They sold it to a company named Green Tree Servicing LLC. I really feel I got the shaft from Bank of America, is there anything I can do?

Thanks
Mike”

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The Answer

Dear Mike,

Green Tree is a fairly large mortgage servicer. It’s quite possible Bank of America sold the HELOC to Green Tree as a new owner or to service the HELOC.

Can Bank of America Really Give My Mortgage to the Blood Suckers at Green Tree?   MikeI’m not surprised they would not remove your wife. When people get divorced it is agreement between the spouses and has no impact on the lender at all. Either the mortgage would have to be paid off or refinanced with another lender to get her off the mortgage.

Depending on your situation, if the HELOC exceeded the value of your property, you could consider a chapter 13 bankruptcy to cramdown or strip the HELOC from the property. You can click here to find a local bankruptcy attorney if you’d like to explore that option.

Since Green Tree is one of the largest servicers of mortgages, it’s not a surprise Bank of America would transfer your new loan to them to manage the payments.

If you are unable to refinance the mortgage into something that makes sense for you, why not just sell the house and start over?

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

Can Bank of America Really Give My Mortgage to the Blood Suckers at Green Tree?   Mike
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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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