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Old 05-22-2010, 07:34 PM
 
Location: Alexandria, VA
10,354 posts, read 18,443,446 times
Reputation: 13606

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I'm not sure where to post this but here goes: We HAD a mortgage with Bank of America (BoA), refinanced last Sept. w/our credit union to get a better rate. I happened to look at the homeowner's insurance continuation notice and see: Primary Mortgagee as BAC Home Loans Servicing, LP - and a 2nd Mortgagee as our credit union. I start getting scared, "who the (*&& is BAC Home Loans...?" - after googling, I find that it appears to be a company that BoA sells/sold bad loans to (as well as others that say no problems). Anyway: we NEVER had a late payment, problem, anything and they were paid off in Sept. '09. I'm just freaking because I can't get in touch w/insurance company until Monday.

Any ideas?
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Old 05-22-2010, 09:38 PM
 
Location: Laguna Niguel, CA
768 posts, read 3,920,326 times
Reputation: 454
Insurance provider probably just messed up and put the credit union as the 2nd when it should have been put as the 1st. Nothing to worry about, you can have your insurance agent contact the credit union or you can inform the credit union about it and they'll contact your insurance agent to get it straightened out.
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Old 05-23-2010, 09:00 AM
 
Location: MID ATLANTIC
7,481 posts, read 17,135,731 times
Reputation: 7876
Simple mistake, easily fixed.

Call them Monday. They will send out a notice to BAC (Bank of America Corp) that they are no longer the named mortgagee. I'm amazed your current first trust lender hasn't issued you warnings of non-insurance.
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Old 05-23-2010, 10:02 AM
 
Location: Alexandria, VA
10,354 posts, read 18,443,446 times
Reputation: 13606
Thanks for the posts - I got worried because BAC is supposedly a debt collection branch. I'll call insurance tomorrow.
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Old 05-23-2010, 11:23 AM
 
9,807 posts, read 12,622,138 times
Reputation: 8127
Insurance companies screw up all the time.

I got a letter, awhile back,stating I had violated terms of my farm mortgage cuz I dropped my insurance policy with State Farm.

State farm notified my bank.

First off, I have never had insurance on my farm thru State Farm. I had it for 35 years thru a different company.

My son ( different first name) did have insurance with them and cancelled it when he sold his house. Different address, different bank.
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