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I've had my townhouse on the market for 4 months, finally found a cash buyer, then I get notifed in the mail that my mortgage was being sold to another company, I have all of that sorted out now, paid the last and next payment already so I can get an up to date payoff quote, while doing this I noticed that the new mortgage company charged me a $475 fee for some reason. Just because my old mortgage holder sold the mortgage it shouldn't make me pay for any fees? I called and asked, they said it was an amortization fee. Do I have to pay that?
Did you try to get your mortgage "recast" by chance? To get a lower payment?
There should be NO FEES when your mortgage is sold, so contact your original lender and get them to pay for it, unless you requested a recasting.
nope to recast
Contact both your prior servicer and the new servicer. Find out from the prior servicer who the loan servicing was sold to - you should have received a letter from both of prior servicer and the new servicer. The idea is to double check that your loan servicing was in fact sold to this new company. Double check with the new servicer on the fee. I have never heard of a fee charged to the consumer when the loan is sold and I agree that is very fishy. If the new servicer confirms the fee - contest it and contact the CFPB immediately.
JVille, how in the world can there be a Payoff Quote fee when the loan is not being paid off but sold to a new lender? Did I miss something?
@JVille wrote:
“Finally found a cash buyer” sounds like the home is in Escrow and that of course would involve a Title Company calling for a Pay Off Quote??? So I’m thinking there a may be bad info re the reason for the “outrageous” Fee but maybe this is a slimy lender charging Huge Payoff Quote fees?
Because a $400 Plus Fee without signed documents authorizing such is cause to contact Federal & State regulators. JMHO
^^^Yes you are right! I skipped right over that part of the post. Yes, it does sound like an outrageous fee for the pay off quote. That payoff fee isn't due until closing. Is the lender trying to collect it now?
Almost 2 years ago I did a strategic default to pay off my home equity loan. I got current with my mortgage and had to pay their legal fees since it almost went into pre-forclosure. Appartently there was still $475 of unpaid legal bills on the account, been paying on time for 1 year and a half, I never saw it, even so, why would I have to pay the new mortgage holder the $475 if it was the prior mortgage holders fees?