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My NEW mortgage SOLD!

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Bethm1026
Contributor

My NEW mortgage SOLD!

OK.....I was REALLY liking Flagstar Bank for my mortgage. I even closed my checking with Wachovia ( I HATE WF) and opened an account with them.

Well, I just made my 2nd payment Oct1 and I get a letter in the mail yeasterday that tells me they have sold my mortage to Countrywide!! Are they not kaput?? How is this?? Do I have any say in the matter?

Do I have any options other than just pay my mortgage to CountryWide?

 

Thanks

Beth     

10/2007 TU 545 EX 538 EQ 529
2/2008 TU 628 EX 608 EQ 587
3/2008 TU 636 EX 627 EQ 613
4/2008 TU 637 EX 618 EQ 621
Message 1 of 8
7 REPLIES 7
Anonymous
Not applicable

Re: My NEW mortgage SOLD!

Countrywide is not kaput; they were just sold to Bank of America.

 

No, you don't really have a say in who your mortgage is sold to. One of the papers you signed in the mile-high stack at closing advises that your mortgage may be sold to another company.

 

You don't really have any options, other than refinancing - and who knows, your new mortgage might get sold right back to Countrywide. So I'd say just enjoy your new checking relationship with Flagstar and get ready to write checks to the Big C. Smiley Happy

Message 2 of 8
DallasLoanGuy
Super Contributor

Re: My NEW mortgage SOLD!

I know a lot of people who love cw

 

they are a great servicer 

Retired Lender
Message 3 of 8
Bethm1026
Contributor

Re: My NEW mortgage SOLD!

OKok............I am feeling better now

 

Thanks! You guys are AWESOME!!!

10/2007 TU 545 EX 538 EQ 529
2/2008 TU 628 EX 608 EQ 587
3/2008 TU 636 EX 627 EQ 613
4/2008 TU 637 EX 618 EQ 621
Message 4 of 8
Donna1966
Regular Contributor

Re: My NEW mortgage SOLD!

Same here...ours was just sold to them as well.

 

I have no opinion right now, but as long as they service me right I'm okay with it.  At least I have a mortgage now!

Message 5 of 8
v8eaterWRX
Contributor

Re: My NEW mortgage SOLD!

I have Flagstar as well, so perhaps im next Smiley Indifferent

 

I did notice that they messed up on my escrow and it is going to fall short so they upped my payment by $95 a month to make up for it, so maybe its a good thing? Smiley Mad

Message 6 of 8
Miner
Frequent Contributor

Re: My NEW mortgage SOLD!

A lot of people have received CLDs on their CCs and the reason given was because they had their mortgage owned by a sub-prime lender.  The name most spoken about in this context is Countrywide and all the people who had it happen to them had their mortgages bought by them.
Current FICO8: EQ:782, TU:754, EX:767 | 1x 30 day late 6yrs ago
AAoA: 10 years; AAoOA: 13 months; Credit Length: 21 years
INQ Eq: 3 / Tu: 5 (4 for auto) / Ex: 9 (5 for auto)
Message 7 of 8
v8eaterWRX
Contributor

Re: My NEW mortgage SOLD!

Dang I didn't even think about that. Man I hope that Flagstar doesn't sell me to CW Smiley Sad

Message 8 of 8
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