Someone please explain to me why it's okay for your mortgage to be bought out without your consent. Two years ago I refinanced with a company that had good customer service and was easy to deal with, but last year my mortgage was bought out by a horrible company full of assholes who treat me like a deadbeat debtor. I have great credit and this is a home loan in which I have a ton of equity, I almost always pay over the amount due and send it in early, but they act like it's a bill collection for a reneged debt. For April they jumped my payment by ver $1800 and I can't get a clear answer on why; I can only assume they miscalculated my taxes AGAIN. I don't want to pay to refinance again, just to run the risk of it getting bought out by someone worse. Why is this legal??? Sprint can't buy my phone contract from AT&T, Centerpoint can't buy my energy contract from Reliant Energy, so why can this stupid horrible mortgage company buy my loan from a good company, without my consent? /rant :cuss::cuss::cuss:
Mortgage company rant
- Thread starter HYBRED
- Start date
Apparently its a pretty common practice amongst lenders. I have been thru this shit as well and I am on my second home. The 1st house in Austin changed lenders several times. The current house has only changed hands once in 5 years.
Here is a good article and explanation
http://www.huffingtonpost.com/mybanktracker/what-you-should-worry-abo_b_5642913.html?
Here is a good article and explanation
http://www.huffingtonpost.com/mybanktracker/what-you-should-worry-abo_b_5642913.html?
My first mortgage was bought out by Wells Fargo before the first payment, and they were awesome. I sometimes wish I'd never refinanced, even though I went from 5.125% to 3.875% or so.
Buying and Selling mortgages is very common. It's just a way of buying/selling debt (adjusting cash flows, investments, etc.) It's legal because it's actually a good thing considering it allows more competition on the origination side and should drive lower standard rates.
If I go to a company to refinance I pay them a fee to lock in a lower rate.. They then sell off your loan and do the same process over with someone new.
What's that line, the debtor is slave to the lender. Regardless of who you go through they own you and can do what they want ie. Sell your loan, hassle you, try to get more than you owe, etc.
The only thing I would suggest is to refinance again, I'm sure someone will do it at their cost and your time. But this time go with a 15 year fixed. I don't believe the deadbeat banks care for the 15 yr loans and will skip them all together. It may be worth a try.
The only thing I would suggest is to refinance again, I'm sure someone will do it at their cost and your time. But this time go with a 15 year fixed. I don't believe the deadbeat banks care for the 15 yr loans and will skip them all together. It may be worth a try.
It's getting ridiculous. I applied with a local bank because I hated my last mortgage with BOA. I went with Coppermark. During my construction loan they were bought by Prosperity. I closed in Oct 2013 with Prosperity. Two weeks later I was notified that my mortgage was sold to Mortgage Clearing Corp of course I had already sent payment to the first place. In Dec 13 I sent payment to the new place, I was then notified that Fannie Mae now owns my mortgage. My rationale is if I wanted Fannie Mae I would have applied for a damn Fannie Mae mortgage to begin with and put down 3% instead of 20%+.
Buried in the fine print is the disclaimer on my loan that they can do whatever they want in terms of selling the loan as they see fit.
Buried in the fine print is the disclaimer on my loan that they can do whatever they want in terms of selling the loan as they see fit.
The first one we had before our Refi was bought and sold so many times is was crazy. Been with Quicken now for a while and all is still good.
Had our original through a local bank, refinanced and it was sold almost immediately to another bank, and then sold once more to Bank of America. Just part of the deal.
Of the two homes I've owned, I've been covered by about 5 different mortgage companies. A few of them really sucked to deal with as you say.
It's an unfortunate scenario that homeowners have to deal with. Fortunately I've been fairly happy with how my current company is handling my account. My only real gripe is that their system does not allow special characters in passwords.
Hopefully you can get the situation cleared up quickly. An extra 1800 per month is massive.
It's an unfortunate scenario that homeowners have to deal with. Fortunately I've been fairly happy with how my current company is handling my account. My only real gripe is that their system does not allow special characters in passwords.
Hopefully you can get the situation cleared up quickly. An extra 1800 per month is massive.
I'm on company #5 in less than two years. It was miserable tracking down the same interest forms from everyone.
Or obtain a portfolio loan, then it will never change hands and no pmi regardless of dtv ratios.
We just had ours bought out also. Set up autodraft like always and they withdrew 3 payments and then told me id have to wait 7 business days for it to be cleared by the review department and then the check for $XXX or 2 payments which they overdrew would be mailed to me. Umm what? 3 weeks to get 2 mortgage payments back? I made a huge issue of it and finally go them to overnight me a check the next day AND refund me $20 in overdraft fees.
Our payment also went up as the NEW company requires 2x the needed escrow in the account at all times. Our old company did not and the industry allows up to 2x. Now after getting rid of PMI a few years ago our payment is now HIGHER than when we had PMI lol.
I reminded them that in 9 years of business with Freedom Mortgage i spoke with them twice. Ive now spoken with you 15 times this month.
Our payment also went up as the NEW company requires 2x the needed escrow in the account at all times. Our old company did not and the industry allows up to 2x. Now after getting rid of PMI a few years ago our payment is now HIGHER than when we had PMI lol.
I reminded them that in 9 years of business with Freedom Mortgage i spoke with them twice. Ive now spoken with you 15 times this month.
Hybred, who bought out your loan. I guess I was lucky originally, as my first loan through a local lender was then bought about by Taylor, Bean, & Whitaker http://www.cnbc.com/id/100007739. I guess I got lucky as none of my monies were stolen. From them it was transferred to Cenlar, who recently sold to Nationstar. I don't necessarily have a good vib from them as they sent me probably 50 solicitations to refi.
After a google search I found this.
Yes some lenders do not sell their loans as stated above.
http://www.thetruthaboutmortgage.com/types-of-mortgage-lenders/
Kat, I could give you someone to try in IL that might be able to help you. They got me Chase, i had a crappy bank as well... since going with Chase it's been a dream!!
If you're short on taxes they should raise the monthly payment by the short/12. Mine did that, went up about $60/month.
Yea, our mortgage got sold 2-3 weeks after closing. So far the new company has been ok. Somewhat easy to reach a live person and they have been nice over the phone.
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