Strange move by BOA

In 2 weeks I will be officially out of bankruptcy after 5 years of paying it...We were informed by the courts that we were officially done & good to go....I did default on my mortgage while in bankruptcy, but Bank of America never filed a motion against us to have my case dismissed..I started missing payments 3 1/2 years into the 5 year case..BOA never said one thing about our 2 years worth of missed payments to the Bankruptcy courts...We just assumed they were waiting to evict us after we exited bankruptcy. Our bankruptcy was so high I couldn't afford my mortgage on top of my bankruptcy. Anyway, just as I was preparing myself mentally to move our of my home of 16 years, BOA sent us a later saying they filed a FHA mortgage insurance claim on our defaulted loan and sold our loan to a new lender and new servicer. The Bankruptcy court was not informed and the sale of our note took place 2 weeks before the end of my case. My question is, why didn't they just foreclose as opposed to selling the loan? Also, what does it mean now that FHA paid the claim and then sold our loan to a new lender, and HUD apparently plays a part in it to? I thought once a default claim was made through mortgage insurance that they were going to simply foreclose???? They said I will now begin my new house payments march 1 with the new lender and servicer. I am lost...If I can stay here great because I am financially ready but I thought all FHA mortgage insurance claims resulted in foreclosure?

1 Answers

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Nothing wrong with the lender claiming the insurance and selling the paper to another company/servicer. Happens every day of the week. It will be up to the new lender/servicer to begin the foreclosure process if it so chooses. Nothing wrong with you reaching out to the new lender/servicer in an effort to save the home. Perhaps a HAMP loan mod.

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