Countrywide

[Cushman]

What is the name of your state? Massachusetts

I took a HELOC with Salem 5 Bank. About two days after we closed the loan servicing was sold to Countrywide. It took CW about two months to fund my account. Everything was OK for a while despite their accounting inaccuracy and lack of customer service, however, we recently received a letter stating our HELOC was frozen and we are no longer able to access the funds from the loan.

Since this loan was open & closed with Salem 5 and then servicing sold to Countrywide, we never received a contract or signed anything that created a legal agreement between us and Countrywide Bank.

Should I have received a contract from Countrywide stating their policies, etc.? Since they have nothing bearing my signature I am wondering where my obligation lies.

[FlyingRon]

The contract you had with the first bank would have allowed the reassignment. As long as Countrywide doesn't change any of the terms, they don't need to do anything.

Your obligation lies with the contract you originally signed as assigned to the new bank.

[Cushman]

Thank you.
Actually Countrywide has continuously changed many terms of the contract, most of these changes have been made without any notification what so ever.