It is official. Bank of America announced it was buying Countrywide Mortgage. If I was a man who bought stock in quantity, I’d buy BoA stock. I don’t believe they will have any hurdles to face because the feds don’t want FANNIE MAE or FREDDIE MAC to go out of business. They were the biggest buyers of Countrywide loans.
What does this have to do with you and me, right? Well, if you are like me, your mortgage is from Countrywide and you are mailing your payments to Countrywide. Keep mailing your payments to Countrywide. Don't stop just because the company was sold.
They will keep their servicing department because if it is one thing they like, it is the steady checks coming in the door. Belive it or not, some people actually stop sending in their payments when they know their mortgage was sold. Bad idea. That just gets late payment dings on your credit report plus costs you interest, fees and charges for being late.
When this purchase gets fianlized you should receive a letter in the mail telling you where to send your payments. I'd bet it will be to the same address you are sending them to now. In fact, I bet you will still get your payment envelope 15 to 20 days before your payment is due. In other words nothing will change.
I thought I'd put this on record since the big announcement is official and BoA is committed.
