Mortage Loan Sold Again

[Anonymous]

What a hassle. My Mortgage Loan was taken out November 2010, sold December 2012 and now sold again April 2014. What kind of game is this. If I am late it is on my head! Yeah... not impressed! All different owners and mortgage loan servicers which just also happen to be debt collection agencies. Isn't that sweet. My record is clean so why a debt service agency?

[Genkeim]

Whoever previously held your mortgage needed cash for whatever reason so they sold your mortgage to another company willing to buy it. It happens all the time. My house closed in Aug '14 and before the month was out they had sold it to Wells Fargo. I'm sure at some point Wells Fargo will sell it off to someone else when they need to raise cash for some reason or another.

[ezdriver]

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@Anonymous wrote:

What a hassle. My Mortgage Loan was taken out November 2010, sold December 2012 and now sold again April 2014. What kind of game is this. If I am late it is on my head! Yeah... not impressed! All different owners and mortgage loan servicers which just also happen to be debt collection agencies. Isn't that sweet. My record is clean so why a debt service agency?

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By the time you posted that, it may have been sold again. lol

Just a normal event ... and yes, your loan may be sold again. There is no reason for your payment to be late just as long as your keep making those payments the way you have been making them ... until you receive written notice and directions to do otherwise.

By the way, just curious about how you were notified about the sale of your mortgage. USPS mail? Certified RR? Overnight letter requiring signature?

[BaileyMae]

My mortgage was sold before I even closed. And I closed two days ago. I was kinda surprised by that. Thought they at least wait until it was funded. My very first payment will go to the new guys.

[buyhouse36]

My loan was sold before my first mortgage was due. To a company with a horrible reputation for customer service.... Nationstar.

[Anonymous]

USPS standard letter in the mail exactly fifteen days before the mortgage loan transfer (as set forth in the original mortgage documentation) which is May 1st.

[Anonymous]

Yes, and you could try refi only to see the refi sold the same way with no gain on the mortgage loan servicer.