I was happy with the original loan servicer, whose company was a member of the BBB and had relatively few complaints. But they sold it to a company that has an outragious number of complaints to the BBB and is not a member. I don't feel comfortable doing business with them. Also, according to the BBB report, the new company made little effort to resolve the complaints.
2007-03-04 16:09:00 · 2 answers · asked by Lesley M 5 in Business & Finance ➔ Renting & Real Estate
There is no way you can select who your original lender will sell your mortgage to nor can you change after your mortgage has been sold.
That is the way the originall lender make money to lend it sell the mortgage, thus more money in his till.
In some instances the owner of your mortgage might not be the person collecting the money. They hire what is called a loan servicer, who does the collection of the monthly mortgage payments and send the money to the owner of the mortgage.
Even if you refinance the property through another mortgage they will have no say as to who will purchase the mortgage note, you could very well wind up with the same servicer or mortgage note purchaser.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-03-04 18:33:38 · answer #1 · answered by Skip 6 · 0⤊ 0⤋
Unfortunately, no you can't. Mortgages today are sold regularly and the only regulations governing it relate to giving you notice of the sale and notice who the new loan servicer is. Your only real recourse is to refinance with another lender.
When getting a mortgage, talk to your lender or broker and ask if the lender sells its loans regularly. The lender is required to tell you that information up front.
2007-03-05 00:15:15 · answer #2 · answered by Anonymous · 2⤊ 0⤋