My husband and I acquired a loan through a mortgage company; I'll call this loan company 'A'. We sent our first mortgage payment to this company in March, and then we received a letter stating that our loan had been sold, and that all further payments would be due to loan company 'B', starting as of April 1st.
We received our payment coupon from loan company 'B' the next week, stating that our first payment was due May 1st. We made this payment to company ‘B’.
We then received a letter from loan company 'A' stating that they were going to foreclose on our loan.
Company 'A' had forwarded our first check we sent to them to company 'B' without notifying us.
There is no way we can afford to pay a double payment one to both companies, for the payment they didn't accept and forwarded to company ‘B’ back in March.
Can they do this?
Our loan is now with loan company ‘B’.
2007-05-18 08:47:01 · 3 answers · asked by DeAnna 5 in Business & Finance ➔ Renting & Real Estate
I had a similar situation, but my loan was sold 3 times in 3 months. B and C had no record of the payment to company A.
I finally ended up getting the supervisors from all three companies on a conference call and had them notate the file and start working together to track the money down.
It took 3 months to resolve! BUT, company C removed the late payment report on my credit within 24 hours of it appearing and it all worked out in the end.
You need to get both of them on the phone NOW with your payment information.
An no, if they sold the loan, they transferred their foreclosure rights...
It does sound like you missed a loan payment though. If you paid company A in March and company B in May, who did you pay in April?
Stay on them all!
Good luck!
2007-05-18 10:56:20 · answer #1 · answered by KConsults 3 · 0⤊ 0⤋
From what I gather, your April payment was unwittingly forwarded to Company B and applied to your balance there. Meanwhile, Company A believes that it is due the April payment. Sounds like a bookkeeping snafu. Call both lenders and explain what occurred here. Chances are good that they will handle the situation internally with a monetary transfer.
2007-05-18 09:23:23 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
you want to get the collections manager from organisation b on the line and allow them recognize the organisation they bought the non-public loan from is about to foreclose on their secured sources and allow them contact organisation a. propose a manager from organisation "a" they're foreclosing a private loan they now no longer have a secure practices pastime in and performance them talk to the guy at organisation "b" you spoke with record your funds and practice once you should take care of a foreclosure action; even though it shouldn't get that a lengthy way
2016-11-04 09:06:21 · answer #3 · answered by Anonymous · 0⤊ 0⤋