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(I dont know where to start) my loan was purchased by a private individual

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Anonymous
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(I dont know where to start) my loan was purchased by a private individual

Please help,

My loan was purchased by a private investor 6 months ago. This same investor supposedly purchase many more as well. Do I have the right to know what the investor paid. I'm affraid I will loose the house. In addition, I currently have a home equity line and an adjustable rate that is going to reset. the house was purchased for 500k and is now worth 350k --and declining. what could happen. every one that I turn to for advice says nothting more than "dude, that sucks man." I appreciate the conforting words and all, but I need real guidence. The house is in Gilroy CA. Sorry if I came to the wrong board.

 

God bless for any help

 

signed

scared as hell.

 

 

BTW: my credit scores are in the 8's

Message 1 of 9
8 REPLIES 8
Anonymous
Not applicable

Re: (I dont know where to start) my loan was purchased by a private individual

I guess i went to the wrong place.

 

Sorry.

Message 2 of 9
fused
Moderator Emeritus

Re: (I dont know where to start) my loan was purchased by a private individual

Hi Aubrey! You posted in the right forum. Someone should chime-in soon to help you, just hang loose.
Message 3 of 9
Anonymous
Not applicable

Re: (I dont know where to start) my loan was purchased by a private individual

Thanks for the help.
Message 4 of 9
Lel
Moderator Emeritus

Re: (I dont know where to start) my loan was purchased by a private individual

Almost all loans are ultimately purchased by an investor.  Some of the investors are other commercial banks, some are private equity groups, some are real estate investment trusts.

 

Having your loan bought by a private investor doesn't put you at increased risk of losing your home as long as you make your payments.  If you become delinquent, then you are at risk of foreclosure regardless of whether the investor is a private party or an investment bank.

Message 5 of 9
Anonymous
Not applicable

Re: (I dont know where to start) my loan was purchased by a private individual

This still does not answer my question though. Do I have the right to know what it was purchased for?
Message 6 of 9
Anonymous
Not applicable

Re: (I dont know where to start) my loan was purchased by a private individual

No, you don't.
Message 7 of 9
Anonymous
Not applicable

Re: (I dont know where to start) my loan was purchased by a private individual

Also, it doesn't matter what they purchased it for....this doesn't affect what you paid and what you owe on the property.

 

Good Luck! 

Message 8 of 9
Anonymous
Not applicable

Re: (I dont know where to start) my loan was purchased by a private individual

It is common practice for banks to package loans of all kinds and sell them to investors. It does not effect you in anyway shape or form execept who you make your payments too. This is how the banks make money to lend out. It is a continuous cycle. They also don't have to pay people to service the loans.
Message 9 of 9
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