https://www.wcc.ml.com/BOASplah.html
I foreclosed on a home in Nov. I had 2 loans (80/20) with Wilshire Credit Corp. They wrote off the 20% loan (I got the 1099c) but nothing so far with the 80% loan. Well looks like they went out of business and my loan was taken over by Bank of America, just great(sarcasm), I do all my banking with BOA. I also found out the home is REO (real estate owned) by the bank. Which means the bank bought it at the auction. I'm not sure what the next step BOA will take, probably try to sell the house, then they could sue me for the deficiency. I've had to switch checking and savings accounts to a new bank because I don't want BOA to have any more information now that they hold the note on the loan. Anyone else get switched over to BOA? you'll get a certified letter informing you if you did or you'll find out like I did by logging in to your online banking and seeing the loan added to your accounts listed.
I foreclosed on a home in Nov. I had 2 loans (80/20) with Wilshire Credit Corp. They wrote off the 20% loan (I got the 1099c) but nothing so far with the 80% loan. Well looks like they went out of business and my loan was taken over by Bank of America, just great(sarcasm), I do all my banking with BOA. I also found out the home is REO (real estate owned) by the bank. Which means the bank bought it at the auction. I'm not sure what the next step BOA will take, probably try to sell the house, then they could sue me for the deficiency. I've had to switch checking and savings accounts to a new bank because I don't want BOA to have any more information now that they hold the note on the loan. Anyone else get switched over to BOA? you'll get a certified letter informing you if you did or you'll find out like I did by logging in to your online banking and seeing the loan added to your accounts listed.