Mortgage being sold - this sucks! - myFICO® Forums

tiger67 · ‎10-23-2008

I just learned that my mortgage is being sold in 15 days. The account is 6 years old with all payments on time, AAoA is 5y 10m, and no new credit (or credit requests in 2 1/2 years). Since this will post as a new account, how much of a score drop should I expect? I have a feeling that this is really going to suck, especially since I wanted to refinance in March!

Thanks.

haulingthescoreup · ‎10-23-2008

I don't think that it will show as a new account, with new date and all. I believe that it just changes names.

At any rate, that's how it looks on our mortgage, which was shopped to Countrywide.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

Anonymous · ‎10-23-2008

It should be a totally transparent process for you (other than stroking checks to a different servicer) and will have no effect on your CR.

I will say this, though - be vigilant in keeping up the cutoff date for sending payments to the new servicer, and for the first month or two during/after the sale, double-check to make sure your payments have posted properly. I have heard stories of mortgages being sold, and the payment was sent to the old servicer after the cutoff date; the old servicer promptly "misplaces" the payment (doesn't send it to the new servicer like they're supposed to) and the customer gets dinged for a late. Getting all that straightened out can be a real pain, and can adversly affect your CR if a 30 day late reports.

Junejer · ‎10-23-2008

desifink wrote:

It should be a totally transparent process for you (other than stroking checks to a different servicer) and will have no effect on your CR.

I will say this, though - be vigilant in keeping up the cutoff date for sending payments to the new servicer, and for the first month or two during/after the sale, double-check to make sure your payments have posted properly. I have heard stories of mortgages being sold, and the payment was sent to the old servicer after the cutoff date; the old servicer promptly "misplaces" the payment (doesn't send it to the new servicer like they're supposed to) and the customer gets dinged for a late. Getting all that straightened out can be a real pain, and can adversly affect your CR if a 30 day late reports.

Augh. *shivers in terror*