[vreihen16]

Let me give you some friendly advice...refinance NOW to get away from NationScum!!!

BoA was losing money on the terms of our pre-bubble-pop mortgage, and sold it off to NationScum with about the same notice period. If you go and read their reviews around the web, they seem to be in business to prey on people with bad credit by charging crazy fees and destroying people's credit even more. I kid you not, they charged a fee for making online payments, charged a fee if your mail-in payment was one day late, didn't mail out monthly bills until there was no way that you could mail them back without being late, and even charged us $150 for a mortgage payoff letter to refinance away from them after one month.

Fortunately for us, I saw the reviews online and started the refi process with our credit union before the loan had transferred. Having an 800+ credit score saved us from a likely financial disaster. We had to pay the $150 for the payoff letter and one month's mortgage payment to them before our credit union could close the refi, which I still to this day look at as money well spent.

Our original pre-bubble-pop mortgage that NationScum bought was a 30-year 5/1 ARM, written with very bad terms for the lender with no adjustment floor limit and a 0.5% annual ceiling limit. (They didn't foresee the bubble popping.) When the first adjustment hit as the bubble popped, the rate for the next year dropped to might-as-well-been zero percent. With the 0.5% ceiling cap, it would have taken BoA 6 years to get our rate back up above 3%. Hence, them selling the loan to a company who specializes in milking fees and destroying credit. We had to give up our 1.5% ARM and go to a 2.75% 15-year fixed with our credit union when we did the refi, and would do it again.

Why are you still reading this and not shopping for a refi?!?!?!?!?