A friend of mine called yesterday to ask about a issue he is having on a property. Bank of America was his mortgage servicer, and he had his payment set up on automatic deduction. He travels quite a bit, between business' he owns in the western and the eastern United States. He also has only one phone, his cell phone. Apparently in November of 2011 Bank of America sold his loan to Green Tree. Now technically, by law, both servicers have to notify him of this--he does not recall getting anything from either, although can't swear to that. He states nothing certified for sure--which they probably wouldn't be cautious enough to send it that way.
Because he didn't use the bank account much that he had the auto deduct set up on, he didn't catch it, but when Bank of America sold it to Green Tree they did not keep the auto deduct in place. Over the last several months he's now gotten calls from an 800 number he didn't recognize, and some random person telling him to call Green Tree. Not knowing either, he didn't bother--like most of us, figuring it was some solicitation. Never once on any of the messages was it reference that it pertained to a previous BofA mortgage.
Should he have caught it, probably, but when you think you've done the right thing and everything is in place, one might not pay attention. Well now the property is in jeopardy of foreclosure because the payment hasn't been made since November 2011, and they've ruined his credit.
I would think BofA is responsible............................however they won't be, and now it is someone else's problem.
If you still bank with any of the big banks this is an example of how the companies are managed.