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Originally Posted by TiMSport
The problem I have with this is that there is absolutely no mention of this when looking at my current bank's online account. You would think there would be a notification provided online in addition to a letter sent via regular mail service. I actually almost tossed this without even looking at the content because it looks like any other junk mail I get on a daily basis. I'm glad I actually opened it!
Thanks for letting me know you went through something similar. I'm bummed because I've been with BofA for many years and have my other accounts through them so it was very convenient. I will probably give them a call and confirm all of this.
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The problem you have is that you're pretending that you read all the mortgage documents, but didn't. Most people have the same problem with insurance, they enter a contract (I'll give you X for coverage on Y) and never read the policy and assume everything is covered carte blanche with no limits............because they didn't read the policy.
Most mortgages are sold, this isn't new. Remember 2007 and CDSs?