Helping Homeowners, Realtors, and Real Estate Attorneys
Solve Title Exam Issues.
Many homeowners have had loans with Bank of America. Most homeowners, realtors and attorneys are likely to think and that getting a Bank of America discharge should be a piece of cake. It can be, if you know exactly what you are looking for.
Bank of America, N.A. has separate divisions that are responsible for servicing loans. You first need to determine whether the loan originated with Bank of America. How do you find this out? Well, you need to read the first page of the original mortgage that you signed. If in fact the loan was given to Bank of America, N.A., then you are heading towards the right direction.
When Countrywide Home Loans was bought by Bank of America, they had just recently changed their name. Bank of America would be the correct lender to issue you a discharge if your loan originated with Countrywide Home Loans, or Countrywide Bank, FSB. Now, Bank of America, N.A. is not the exact servicer for your loan if it originated with Countrywide. The name of that department is BAC Home Loan Servicing, LP. Countrywide had a similarly named department and what Bank of America did was retain the same structural organization.
Before you make the call directly to Bank of America for your request, be sure you have a copy of the recorded mortgage so that you can provide them the basic information necessary to issue a proper discharge. They are likely to ask for the following:
- Original Lender’s Name
- Original Principal Amount
- Mortgage Date
- Borrower’s Name
- Property Address
- Recording Jurisdiction
- Book/Page or Document No.
If you are successful in getting your request submitted, the next step is to be patient. From past experience, Bank of America can take anywhere from 30 to 45 days to handle your mortgage discharge request.
One thing’s for certain: If you require a Bank of America discharge, make sure you call the right person. I would hate to receive a call 30 days later just to be informed the request went to the wrong office which would require that you start all over.