can you request your original mortgage loan company to buy back your loan if they sold it to another mortgage?
kpknight1 asked:
my original mortgage loan company sold a part of my loan to another company that other people are experiencing trouble with; american servicing company. i don’t want my loan with them. what can i do?
thx for the answers. i’m picking this answer as the best b/c he told me 2 things to do. thx so much to everyone.
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my original mortgage loan company sold a part of my loan to another company that other people are experiencing trouble with; american servicing company. i don’t want my loan with them. what can i do?
thx for the answers. i’m picking this answer as the best b/c he told me 2 things to do. thx so much to everyone.
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February 1st, 2009 at 5:22 pm
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best bet is to just refinance and get yourself into something a little more secure, it sounds like you have an eighty 20 loan . if you need help email me at minesbay
February 4th, 2009 at 2:00 am
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They have a right to sell your loan to whoever they want, and that is disclosed in your mortgage doc’s. Your only option would be to refinance with someone else.
February 6th, 2009 at 9:30 am
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Nope, sorry, your mortgage is just paper to them and mortgage paper is sold and purchased everyday. The only way to get rid of them is to spend money and refinance with another company. Ask the new potential lender to see what percentage of the paper they service. If it is less than 95% than it is a good chance the same thing will happen again. RESPA laws require a mortgage company to get you to sign a paper showing this.
Then good news is that the new company that took over servicing of your mortgage (purchased your paper) has to stick to the same paper you signed with the original company. They cannot add or delete rules or obligations.
As long as you pay your mortgage on time you should have no problems with them. Your friends who had problems with them also probably had late payments and did not tell you that.
If it is worth a few thousand dollars to you to get rid of them, then by all means refinance.
Good luck on your adventure.
Michael
February 7th, 2009 at 3:36 pm
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You’re stuck. If the situation is intolerable, the way to deal with it is to re-finance. Lenders sell off loans all the time, and the servicing rights also, and the two have nothing to do with each other as far as the borrower is concerned. I would bring complaints to the attention of the original lender; they should know about such things.