A: Although most of the time the answer to your question would probably be "NO", you are dealing with an unusual situation. Because Bank of America purchased all of the assets of Countrywide as part of a regulated FDIC transaction, Federal Law allows Bank of America to step into the shoes of Countrywide. There are a number of unusual provisions which apply in this sort of Federal takeover, and the ability to substitute in as the real party in interest is one of them. So in this case: yes.
A: Not in the normal course of events. The original loan documentation provides for the recording of a Deed of Trust, which reference the actual Note. The Note itself is not normally recorded. If the payment terms are modified, it is unlikely that there would be a filing with the county recorder. However, if the amount of the Loan is actually being reduced, it may be appropriate to have some new documents recorded. The fee to record a document is quite modest, but the document itself typically must be notarized. Ask your lender to record a loan modification document if you want it done. In most cases, the modification is simply a contract between the lender and borrowere and does not have
to be recorded to be effective. ... Read More
A: Regardless of whether you are the actual or potential defendant, or the plaintiff in a potential adversary action, you need to act quickly. There are very strict time limits imposed in most adversary actions. If you fail to act, you may forever lose important rights. And it is critical that you understand that if you are the Debtor, you can be served by regular mail, and that service is "effective" unlike state court where you have to be personally served! Act quicly to protect your rights!