Title issue with BOA transfered to Nationstar

Property location: Massachusetts

Cliffs:

The note was held by BAC

Under the BOA entity, It was transferred to Nationstar

The closing attorney has an issue with this!!

Long:

1/10/203 loan was transferred from BOA to Nationstar.

We recently received approval letter from Nationstar, and the closing attorney, acting on behalf of buyers lender, just sent this out:

>........ please find a copy of the chain of assignments on record to Nationstar Mortgage, LLC.
> I do not see any assignment of record or any indication on the FDIC
> website that the holder of the note (BAC Home Loans Servicing, LP) and
> the second assignment (Bank of America, NA) are successors by merger.
>
> As such, if we cannot establish that the two entities merged of record
> then we will need either 1) an assignment from BAC Home Loans
> Servicing, LP to Nationstar Mortgage, LLC directly or 2) a corrective
> assignment from Bank of America, NA wherein it states on the face of
> the document how they acquired the loan from BAC Home Loans Servicing,

 The closing attorney still hasn't confirmed whether or not the title company has any issue with this, the buyers attorney isn't to happy with the closing attorney and has stated that he wouldn't have made an issue of this, I'm with him as I thought it was common knowledge that BOA & BAC are one in the same. Has anyone else run into this issue?

Views: 505

▶ Reply to This

Replies to This Discussion

Permalink Reply by Wayne Brooks on January 15, 2014 at 1:59pm
Geez.... BAC Loan Servicing, formerly Countrywide, was merged into B of A July 1, 2011.
Permalink Reply by Kevin Goodwin on January 15, 2014 at 3:48pm

Thanks for the fast response! The date helped immensely, I just responded to everyone with a bit more specifics, pasted here for future reference:

The merger is recorded with the FDIC, Application # 20110191 Approved 6/24/2011, 2nd from the bottom on Page 10: http://www.fdic.gov/bank/individual/merger/2011/2011.pdf

And here is servicer's notice of assignment:
http://promotions.bankofamerica.com/respa/

And the OCC's approval: http://www.occ.gov/static/interpretations-and-precedents/jul11/ca10...

Permalink Reply by Jackie Kumm on January 17, 2014 at 3:22am

BOA debt serviced released it loans to NS, it's not a merger, you do need to have NS get the assignment in order to clean up the title situation.  I have one with NS that they got from BOA and BOA from HASA and HASA has filed BK and there is no one to get this fixed.  This is an important lessen to get your prelimnary title work upfront.  It saves you from the headaches and frustration

 

Permalink Reply by Wayne Brooks on January 17, 2014 at 8:10am
Jackie, as per the original post, the issue isn't the assignment from BOA to Nationstar, they have that, their issue is they don't see an assignment from BAC to BOA, which is where That merger is relevant.
Permalink Reply by Kevin Goodwin on January 17, 2014 at 8:52am
The note was with BAC, but the recorded assignment to NS was from BOA, so it was a little earlier in the chain that this merger was an issue. I couldn't agree more though on ordering title search right away, I am actually on the buy side of this transaction and I watched them make several mistakes, some of which I had forewarned them about, so it's been extra frustrating.
Permalink Reply by Smitty on January 27, 2014 at 2:43pm

Weird.  I'm working on one similar now involving BAC and NS.  Basically there was an assignment from MERS to Deutche.  The from MERS to NS, but title co is not having it.  Said we have to connect the dots and it looks like BAC was servicing for Deutche.  Called them and they were not helpful. Still trying to track it down

RSS

Members

© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************