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Bank of America has and will continue to release pools of loans. No loan is safe from a service release even if it is an already approved short sale. This seems to be even more interesting because the lender the file is going to seems to be largely dependent on the state the property is in. A large amount of the serviced released loans in the state of California seem to be going to Ocwen Loan Servicing while other states such as Nevada seem to be going to Green Tree Loan Servicing.

WHAT DOES SERVICE RELEASE MEAN? WHAT IS LOAN SERVICING?

In most cases the lender you make your payment to is not actually the beneficiary of the loan. In other words when the loan was created they were not the ones that put up the money; Even if they were the ones that originated it. The lender you make your payments to make money by receiving a portion of the interest that you pay. These “Serving Rights” are sold in pools depending on many different variables so often when your loan is being sold it is going along with possibly hundreds of others.

CAN MY SHORT SALE APPROVAL BE TAKEN AWAY IF MY LOAN IS SOLD?

Please do not be fooled that because your short sale has been approved that it... For the entire article click here