Mortgage Refinancing laws?
I was in an accident and got behind on my mortgage. I was able to get around the country to refinance my mortgage and my roll past due amount again in the note. A month after I learned that refinanced my note was sold to Bank of America. My new mortgage payment supposed to become effective in May. BOA does not recognize the refinancing. They say it can take up to three months for them to approve the refinancing. Now I worry that they will foreclose on my house. They are taking my payments, but not cash the checks. Is this legal for the Board of Auditors did not recognize my refinance?
They can not ignore a legal contract for a mortgage and the note or a loan that goes with it. There may be some confusion by Bank of America or the recording of the new loan. The refinancing of the new changes of the original mortgage and should be recorded in the county where the property is located. Get a copy of the mortgage loan and find the right in the department of BofA to send a. The short answer is that the mortgage is security for a loan and the loan is a binding legal agreement no matter Countrywide Who sells a. The manager or owner of the mortgage must comply with the terms, unless properly consummated.
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