Why would my mortgage be transferred to a mortgage serving company in the middle of a loan modification proce?

Applied for a loan modification and/or Special Forbearance due to health issues and loss of income because of having to repossess property I had sold on installment plan. Bank asked for more information re:copies of rental property leases etc., mailed that today. Got letter in mail this afternoon transferring my loan to loan servicing company. Where does that leave me? Do I have to pay past due payments now or will they immediately foreclose on me?
I have more than $ 250,000 equity in this home,at least I did until the Gulf Oil Spill. This house is only 300 yds off beach and since I do not occupy home I’m eligible for no kind of help, even though I’ve made payments for 14 years and most of my retirement is tied up in this piece of property. I would gladly sell if I could, but surrounding properties are for sale now on market more than 2 years. No buyers out there…..banks took bailout money and sit on it. Unfortunately my loan is owned by the bank and I had been working on this modification for 3 months already. I have been told “can’t find it, we’re working on it, be patient, it’s all in the system, need further info and week later transfered to a new mortgage servicing outfit. Just very frustrated!
I have more than $ 250,000 equity in this home,at least I did until the Gulf Oil Spill. This house is only 300 yds off beach and since I do not occupy home I’m eligible for no kind of help, even though I’ve made payments for 14 years and most of my retirement is tied up in this piece of property. I would gladly sell if I could, but surrounding properties are for sale now on market more than 2 years. No buyers out there…..banks took bailout money and sit on it. Unfortunately my loan is owned by the bank and I had been working on this modification for 3 months already. I have been told “can’t find it, we’re working on it, be patient, it’s all in the system, need further info and week later transfered to a new mortgage servicing outfit. Just very frustrated!

Register New Account
Reset Password