topic Re: Mortgage Sold to Two Lenders at the Same Time Destroyed My Credit in Mortgage Loans

Mortgage Sold to Two Lenders at the Same Time Destroyed My Credit

kmksga — Fri, 23 Aug 2024 20:05:43 GMT

Don't know where to start. 1st time homebuyer.

Closed escrow on November 1, 2023 received a letter dated November 15th stating the mortgage was sold and to pay this new company.. being that it wasn't due until December 1st we had not gone online to set it up yet.. but before we had a chance we then received another letter on December 1st that sold again and to pay this other company. So we set it up online and paid the newest latest company. Everything on their website for our account was accurated and actively working. No red flags.

We then recieve a call in March 2024 that we hadn't paid the mortgage at all. I found out it was a completly different company calling then the one we were paying it was the 1st letter November 15th company (Per checking with our original lender). I explained we were told to pay someone else effective December 1st they were like no it's us... I then logged on to their site only to see another active mortgage identical to the other company's website. We now had two active mortgages and they were both reporting to the credit companies.

Never found out what happend but the company taking our $$ and was the last letter deceided they were not the owner of our mortage and the two companies went back and forth for 2 months transfering money and figuring it out leaving us in the dark. Both companies are like processing companies so no help on either end they would just escalate and not call back I would get updates if I called and the CSA would read the newest notes.

Now that everything is fixed my 780 credit score is 456 because we weren't alerted until March and on a new mortage there is a credit reporting grace period. I can't get my payments adjusted for the 30 60 90 day lates from the company that didn't originally own the mortgage and there is no one to talk to there either.

**What I would like to do is get a mortgage somewhere else I had put down 27% ($135,000) and would like a refi / mortgage with anyone other then these companies. I am eligible for USDA based on where I live and also VA (active duty military) but my score is under 500 any thoughts would me much appreciated.

Re: Mortgage Sold to Two Lenders at the Same Time Destroyed My Credit

ShanetheMortgageMan — Fri, 23 Aug 2024 21:21:01 GMT

This sounds like an absolute nightmare, sorry you went through that.

Have you filed a complaint through the CFPB? The creditor is required to respond within 60 days, but most are much quicker (15-30 days is standard). https://www.consumerfinance.gov/complaint/

I would also recommend contacting your state's attorney general. As long as you were making your payment each month then I feel like this should eventually be corrected on your credit report.

I'd also make that a priority before trying to apply for a new mortgage, as a new mortgage lender will take the mortgage lates and your current credit score into consideration. The terms will not be pretty.

Re: Mortgage Sold to Two Lenders at the Same Time Destroyed My Credit

kmksga — Fri, 23 Aug 2024 21:44:49 GMT

@ShanetheMortgageMan wrote:
This sounds like an absolute nightmare, sorry you went through that.

Have you filed a complaint through the CFPB? The creditor is required to respond within 60 days, but most are much quicker (15-30 days is standard). https://www.consumerfinance.gov/complaint/

I would also recommend contacting your state's attorney general. As long as you were making your payment each month then I feel like this should eventually be corrected on your credit report.

I'd also make that a priority before trying to apply for a new mortgage, as a new mortgage lender will take the mortgage lates and your current credit score into consideration. The terms will not be pretty.

Thank you so much. We were wondering what State/Government office to go to. We are also so new at this and had perfect credit until this the CFPB sounds good as well.