Discussion on First Franklin - Merrill Lynch

Schumpeter Reincarnate Joined: 24 May 2008 Posts: 46268

http://ml-implode.com/imploded.....02-28.html

Dud? Joined: 29 Sep 2008 Posts: 1

My question is this. When First Franklin "Imploded" how does this affect the loans it has on its books. I know that they are no longer financing any loans, however, when their adjustable rate loans come up for adjustment, what will happen? We were put into loans with this company when we bought our home in feb. 2007. The terms of the loan were kind of sketchy but we trusted our broker. When we got to the settlement table it was too late to back out as we had sold our previous property already. Now we are in a loan with an unscrupulous company that has now stopped all seeming business other than taking our money. How will this situation affect us?
Thankyou
Sherry and Rick

Posted: Thu Oct 02, 2008 3:09 pm

First Franklin's loan servicing arm, Home Loan Services, is owned by Merrill Lynch - now owned by Bank of America (BofA). Servicing of your loan should follow that same chain of ownership, and you'll get a written notice if there's any change to the name or address for sending payments.

It's a good thing you are looking into this well ahead of that first adjustment. Assuming you have a 2/28 with a 3% first adjustment cap (check your Note), you need to decide whether or not you will be able to afford the increased payment beginning in March. Look also at the value of your property - has it increased, declined or remained relatively steady since you took out the loan? Has your financial position changed in that time frame?

You might be able to obtain a loan modification or refinance to a fixed-rate mortgage. Contact your servicer or a third-party intermediary such as Green Credit Services (GCS) who can help you explore the options. Home Loan Services can be reached at 1-800-622-5035 or online at https://www.viewmyloan.com/ntlcityhls/Welcome.jsp. You can contact GCS at 1-877-793-8634 or visit their web site at http://getgreencredit.ml-implode.com/index.html.

Dud? Joined: 06 Nov 2008 Posts: 2

Merrill owns 2 mortgage servicers: Wilshire and Home Loan Services. With BofA buying Merrill, does anyone know that fate of Merrill's servicers? Wilshire has very good ratings from Moody's, but Home Loan services does not.