Equity Home Loans

When do Countrywide Mortage Payments need to be made to B of A?

Bank of America recently purchased home loans from Countrywide. Since B of A now owns the loans, when do mortgagors have to start paying B of A instead of Countrywide? I'm wondering because under law once you are on notice of a lender transfer, if you pay the old lender, you are liable to pay twice for failure to pay the correct lender.

Public Comments

1. Have you received a letter from your lender (countrywide) or B of A notifying you of a change? Last I read the buyout has not gone through yet. If in doubt, call Countrywide!
2. Pay whoever is on your last payment slip unless you have received written notice of a loan transfer with a payment address.
3. No earlier than 60 days after you are notified of the new payment address.
4. You will get a notice in the mail of when the change is going to take place. DO NOT change anything about the way you are paying your mortgage until you get the notice. The "law" you are referring to doesn't exist. You are not obligated to pay twice unless you jump the gun and start sending checks to people when you have not recieved a notice to change anything....which it sounds like you are geting ready to do, and that would be YOUR fault, not theirs. Wait for the notice and it could be months before it comes.
5. Hello Sunshine, In answer to your question, even though BofA bought out Countrywide, Countrywide will still be operating under its own banner until 2009; and as 'chattygirl' mentioned, you will receive a mortgage note with the new lender making requests for payment. Until then sit tight and continue you normal mortgage payments. Good Luck Daisy
6. The Bank of America takeover is still months away. With all the losses surfacing, Bank of America may even pull out of the deal. Bank of America is the #1 retail lender in the country, so the takeover would only benefit their servicing potfolio. If the takeover is finalized, you will recieve a notice to make your payment to Bank of America. Lets hope Countrywide doesnt go bankrupt before the takeover.