Our house is evacuated due to a dangerous situation. Our mtg. co. sold the property note upon learning of this situation instead of working with us to lower our mthly payments. The new co. is unwilling to help us with this situation. Can anything be done to insure our rights since we have not signed anything with the new co? Or can mtg. companies sell notes at any time without our approval?
2006-12-06 02:19:06 · 4 answers · asked by dc c 1 in Business & Finance ➔ Renting & Real Estate
Yes they can sell the note at any time. It is part of the real estate settlement and procedures laws
2006-12-06 02:30:47 · answer #1 · answered by golferwhoworks 7 · 0⤊ 0⤋
you should have read the fine print when you signed your mortgage. they can sell your note any time they want. a sister in law i have had there note sold 6 times over the course of the loan . the only thing the new company cannot do is change the terms of the contract.
2006-12-06 10:23:26 · answer #2 · answered by george 2 6 · 0⤊ 0⤋
It's in most mortgage agreements that the mortgage can be sold by the original lender. Check your original agreement - it would be surprising if that clause isn't there. If it is, yes, they can sell it, and your rights weren't violated.
Sorry, and good luck. Have you checked to see if your homeowners insurance would help with the situation?
2006-12-06 10:46:47 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
Read your original mortgage agreement. If there was a notice in there that your mortgage may be sold, then they can do it whenever they feel like it. It's actually a common practice.
2006-12-06 10:22:03 · answer #4 · answered by kja63 7 · 0⤊ 0⤋