Two hands out...

[IOBA]

Yeah, I know, this could go under mortgages too...but it's not that important in the big picture.  If a mod wants to move it, please do.

My mortgage company (A) sold my mortgage to company (B).  I have other accounts with company B (like a credit card) and was shocked to log into that financial insititues website adn see their hand out saying I owe them money this month (January) for a mortgage payment!  I had already paid it to company A.  The check had cleared from company A.

Hhhmmm...ok, fine.  Company B is notorious for being unkind when it comes to money owed and false reporting to credit bureaus.  So paid company B immediately and then sent them an email and said I had NOT received any notice of the mortgage being sold and what is my account number?

Then I contacted company A and said I hadn't received notice the mortgage was sold from either company.  Just an FYI.  Company A says, well, you should get it soon, but hey, if you don't, go ahead and pay us your February payment.  

Uh, no.  There's a laws out there that say something about proper notification, so many days in advance, etc.  This looks like it feel through the cracks by both companies.    Thank goodness I noticed the new account AND had the resources to pay both of them!

[stellar]

Wow that is really crazy!  I would contact the higher ups, it's not right.

[Anonymous]

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@IOBA wrote:

Yeah, I know, this could go under mortgages too...but it's not that important in the big picture.  If a mod wants to move it, please do.

My mortgage company (A) sold my mortgage to company (B).  I have other accounts with company B (like a credit card) and was shocked to log into that financial insititues website adn see their hand out saying I owe them money this month (January) for a mortgage payment!  I had already paid it to company A.  The check had cleared from company A.

Hhhmmm...ok, fine.  Company B is notorious for being unkind when it comes to money owed and false reporting to credit bureaus.  So paid company B immediately and then sent them an email and said I had NOT received any notice of the mortgage being sold and what is my account number?

Then I contacted company A and said I hadn't received notice the mortgage was sold from either company.  Just an FYI.  Company A says, well, you should get it soon, but hey, if you don't, go ahead and pay us your February payment.  

Uh, no.  There's a laws out there that say something about proper notification, so many days in advance, etc.  This looks like it feel through the cracks by both companies.    Thank goodness I noticed the new account AND had the resources to pay both of them!

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You're right, there specific reulations regarding mortgage transfers including one that says any payment made to company A after the mortgage has been transferred must be forwarded onto company B.  This is done specifically so you arent forced to pay the same monthly payment twice.

[IOBA]

I FINALLY received notices about the sale of the mortgage.  

Company A is now saying don't pay us, unless you want to, for February.

Company B responded to my email to them (about not receiving notice and asking for the account number) and said, "Oh well, you see, we didn't really buy your mortgage...not yet anyway...but you still owe us for February.  So please pay us.  We will be buying your mortgage later this month."  **eye roll**  Then --- and I was shocked that they did this -- they emailed me a copy of the welcome letter that they claimed to have previously mailed to me.  The emailed letter was NOT the same letter I received in the mail!

Oh well.  I don't like Company B to begin with.  They did us wrong years ago when DH was deployed.  I will be working fast to get them paid off.

Again, so blessed I could afford to make payments to both companies for the month of January.

[Gmood1]

Why should you have to pay two companies? It doesn't make sense too me.

My mortgage was sold/transfered in October.
I was given the option to pay one or the other, depending on the date I paid.

My current mortgage holder still hasn't reported to the credit bureaus. Basically three months of payments not given credit for sucks!

Someone owes you money or needs to forward it to the new company.

[IOBA]

If things had worked out as they should have, I would only have to pay one company, not both.

But Chase bought the mortgage and immediately demanded money in January.  I had already paid the other mortgage company for the month of January.  

I have had bad, bad experiences with Chase in the past.  When they say they want money, they WANT money.  If they don't get it, then they report negatively.  

It was easier to pay them the January payment to prevent negative reporting.  It would have taken me months, if not years, if ever, to get Chase to remove the negative reporting that was done in error.  As it is, DH has a negative reporting from Chase that is wrong from more than 7 years ago.  I have tried and fought to get it removed.  Chase won't budge.  So I now write LOE.  Logical, rational human beings read the LOE's, look at the credit report and agree that Chase is improperly reporting.  (They have an account reported as a derogatory account.  The account has no late or missed payments and was paid in full.  It's closed by consumer.  *sigh*  But this is Chase and I have not been able to get them to PROPERLY report the account.)

As for the first mortgage company telling me I can pay my February payment to them, ya know, in case I don't get my notification letters, is just them being super nice.  *wink*  I won't be sending them my February payment.  Chase is already set up and has processed my February payment.

With Chase, it's never easy.  I will be working my booty off to get them paid of SUPER early!  

[IOBA]

Oh.  My.   Goodness.

On Friday, I received a letter from Company B saying that they sold my mortgage to Company C (their sister company) BUT to continue to make payments to them (Company B).  Company B had bought my mortgage in December 2015 but didn't tell me until after I asked for the loan number and had made my January payment to them.  Had to pay them for January 2016 becuase the company is notorious for being hard nosed and unreasonable if they think they are owed money.  They also do false reporting - I speak from experience.

Saturday, I received a mortgage statement from Company A, a coupon to use for my Febuary 2016 payment, and a direct order in the letter to pay THEM my Feburary 2016 payment!  

Er, Company A sold my mortgage in December 2015 and still collected my January 2016 payment.  Now they want February 2016 payment.

Company B bought my mortgage in December 2015 and demanded the Janaury 2016 payment.  They got it too.

Company C bought my mortgage in January 2016.  But they haven't sent me a letter yet, and Company B said to keep paying them.

*shaking my head*  Greedy companies!

[pizza1]

This is exactly why Im going with a CU for my mortgage because they keep it for the life of the loan. what a PITA!!!

[IOBA]

I understand.

I had to choose between a quick mortgage and a CU mortgage.  One was ready to close in 10 days (even with the new rules in place) and the other was taking a minimum of 45-60 days to close.  The fast guy got the mortgage.  My CU didn't.    

I talked to my CU before and after the purchase.  The CU asked, in a hurt voice, why I didn't purchase through them.  I explained about the timeline.  Said I would definitely consider refinancing with them.  Sadly, very sadly, they can't even touch the rate I have.  So I am better off paying off my nightmare of a mortgage company as fast as I can!

[jim44]

I feel your pain IOBA.  Friends of mine had the same problem you are experiencing, however their loan was only sold once.  It's frightening to think these companies can place incorrect information on your CR because of their screw ups and then trying to correct their error is like pulling teeth.  I chose to mortgage through my CU even though the apr was a point and a half higher.  In the paperwork from the original lender there was a clause that said they have the option to sell my loan and will use it.  Uh NO!  Hope everything smooths out for you. 

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@IOBA wrote:

I understand.

I had to choose between a quick mortgage and a CU mortgage.  One was ready to close in 10 days (even with the new rules in place) and the other was taking a minimum of 45-60 days to close.  The fast guy got the mortgage.  My CU didn't.    

I talked to my CU before and after the purchase.  The CU asked, in a hurt voice, why I didn't purchase through them.  I explained about the timeline.  Said I would definitely consider refinancing with them.  Sadly, very sadly, they can't even touch the rate I have.  So I am better off paying off my nightmare of a mortgage company as fast as I can!

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