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 09:11:28 · 6 answers · asked by DeAnna 5 in Politics & Government ➔ Law & Ethics
No, they can't. I suggest you contact the first mortgagee (the loan company) and speak with them about the problem you are having. You are probably not the only person having this problem. If they are not amenable to speaking with you about it and straightening it out, go see an attorney. This is a frequent problem with ALL loans.
2007-05-18 09:16:53 · answer #1 · answered by cyanne2ak 7 · 1⤊ 0⤋
You need to get the collections manager from company b on the line and let them know the company they bought the loan from is about to foreclose on their secured property and let them contact company a. Advise a manager from company "a" they are foreclosing a loan they no longer have a security interest in and have them speak to the person at company "b" you spoke with
Document your payments and get ready in case you have to defend a foreclosure action; but it shouldn't get that far
2007-05-18 09:16:40 · answer #2 · answered by wizjp 7 · 1⤊ 0⤋
No. Your loan was sold, which means they get nothing. Any claims after that date by company "A" are fraudulent. Contact them at once and explain, in polite, but no uncertain terms, that you will be contacting a lawyer and your state's attorney general. Then do so.
2007-05-18 09:16:39 · answer #3 · answered by Enchanted 7 · 1⤊ 0⤋
From what I deliver jointly, your April fee replaced into unwittingly forwarded to company B and utilized to your stability there. meanwhile, company A believes that that's due the April fee. sounds like a bookkeeping snafu. call the two lenders and clarify what got here approximately right here. probability is stable that they are going to deal with the situation internally with a economic pass.
2017-01-10 07:11:02 · answer #4 · answered by ? 4 · 0⤊ 0⤋
You should have canceled checks for each payment. As long as you do, they cannot foreclose. Make copies & send it to them. Always date & keep photocopies of every communication with everybody.
2007-05-18 09:24:24 · answer #5 · answered by Anonymous · 1⤊ 1⤋
a lot of people are loosing their homes to these types of scams. I would suggest getting a realestate lawyer and pretty darn quick.
2007-05-18 09:19:02 · answer #6 · answered by diana h 3 · 1⤊ 1⤋