mortage sold

[stockrex]

I had refi'ed the mortgage during the divorce with a local bank knowing that they will sell it one day.

I came back from our camping trip and found a letter in the mail with the new mortgage holder.

rushmore loan management services, they are also a debt collector.

Needless to say that I was freaking out. After a few call confirmed that they just bought a portfolio of mortgages.

I have to mail out this months payment as online a/c set cannot be done yet. Read a few online reviews, they were not so great about this business

I think I will put tracking on the envelope, anything else I should do?

 

[09_GXP]

Make a copy of all the docs you are sending them. That way if there is any issues down the line you can send them a copy of the exact docs you supplied for payment.

 

[ironman_gq]

Send it insured and certified, requires a signature that can be tracked.

 

[HerrStig]

It's very difficult to find a mortgage on the open market which does not contain an assignment clause with benefits the holder. Credit unions don't often assign, though.

 

[DB_Cooper]

Mortgage service companies are a new un-regulated (they are not covered by banking regulations or by the State regulators, only the FTC debt collector rules..very weak laws)..these debt collector creatures post 2008. Servicing mortgages is not a profitable business in itself done honestly..however the late fees and other consumer charges are very profitable. That is how they make money. Be alert and keep a copy of every document, log every phone call and be ready for problems.

Look for payments not being credited to your account properly. Escrow accounts created without your knowledge or consent. Monthly statements not sent or in error and a variety of tricks and other swindles to increase the revenue for the servicer.

Look to refi if you can.

 

[Exit32]

Make sure you follow their remittance instructions exactly and write your account number on your check. Also make sure your payment check has your correct address (should match your home's address), and I'd suggest adding your phone number if it's not already printed on your check.

The objective is to eliminate all the excuses they could possibly have for not crediting your payment to your account.

 

[cptbarkey]

standard procedure when refinancing, never fails.

 

[rat]

At a former employer, a co-worker had do deal with one of these companies. He was financially stable with good credit, never a late payment. The company "accidently" placed his account as delinquent and went into foreclosure.
After all the stress and attorney fees, he got a seven figure settlement.

 

[JHZR2]

I refinanced with quicken years ago, and they never sold it. I've been happy with them.

How long until you can do online payments? Once you can set that up, I'd ensure that you get an email confirmation. If they can't do an email confirmation, you should inform them in writing that you've requested email confirmation of payments, and they have informed you that they cannot support, so you are informing them that a screen capture of the payment remittance will serve as final confirmation of submission, and you are not liable for any failures in their system, or loss of payment once this submission has been made.

 

[Virtus_Probi]

The mortgage on our first house was sold several times in rapid succession and each new company would require us to send them proof of proper insurance in an unreasonably short time or they would buy insurance for us (from a company they owned or were affiliated with, of course). My wife worked in finance and she would just go into work the next day with the documents and ship them Fedex from her office with a cover letter that "copied" the lawyers her company used...the phantom lawyer copying trick was also effective in dealing with a builder who was reluctant to come back and fix our issues within a year of our second house being done. His guys were out in a couple of days fixing things after nearly a year of putting us off...

 

[totegoat]

I had a property loan. The holder gave me a chance to buy the loan at a discount before he sold it. Saved me some money.

 

[SZR48207]

Can you call them and pay over the phone with electronic check? That way you can get a confirmation number.

I guess I'm lucky my mortgage got sold to a small company in my state that seems old school but runs clean and honest.

 

[Doog]

Do what I do. My last mortgage was sold to Wells Fargo. So, I set up electronic withdraw from my checking account. So if it gets fubared...it's them or the bank. Plus, there is an electronic record of all payments.

I also registered my account online at the WF website so I can track everything on line.

 

[OneEyeJack]

The only product these organizations have is paper. As stated previously in this thread, document and copy everything. Keep paper copies. Carefully log phone calls, as well. Send US Mail with receipt requested. And watch those escrow accounts and communicate frequently with your insurance carrier. These organizations are in the business of making mistakes for profit. They hope you will not notice or be able to document your position in the case of a dispute. They have a lot of "minimum wagers" manning a desk and a phone. They know nothing and do nothing for a profit.

I went through all this in the middle of a load modification when I was diagnosed and hospitalized with cancer. Because my wife documented absolutely everything we were successful. The biggest problem with the bank was the changing of employees answering the phone including department managers and other key people. Her documentation filled up every drawer in our desk before the process was completed, including a thumbnail and a CD. HUD was a complete waste of time and energy. You have to learn the ropes and do everything yourself if you want to get anything done.

 

[stockrex]

Sent payment in form on check by express mail,
I wish I had refi'ed with quicken, I could not as due to cash out rules during divorce and current note.

I just don't get a good vibe from these guys,

 

[SR20DE]

Originally Posted By: Doog
Do what I do. My last mortgage was sold to Wells Fargo. So, I set up electronic withdraw from my checking account. So if it gets fubared...it's them or the bank. Plus, there is an electronic record of all payments.

I also registered my account online at the WF website so I can track everything on line.


I had two mortgages with WF that I tracked online. Never had an issue. I recently re-fi to a 15-year after rates fell during the "Brexit" vote, and the lender uses a company called Dovenmuehle to service the payments. I did some searching and found they had some of the worst ratings around.

Nothing's happened yet but I hope I don't end up in these nightmare situations.

 

[fdcg27]

Send paper checks regular mail.
There is no disputing when the check you sent them cleared your bank as documented on your monthly statement and you can always get, or may already get, a front and back copy of your deposited check.
Their misapplication of your remittance is their problem, not yours.
If they actually bought the mortgage and haven't just taken over what is euphemistically called "servicing" for a fee, then they'll want that money every month and won't play games with depositing your check.

 

[09_GXP]

Another thing is to directly inquire about how they share your information and then request to limit the information they share. I just got the notification today from the company that bought my mortgage a few months back. Conveniently, they start sharing after 30 days, so before I got the notice and knew what to request they limit.

 

[stockrex]

Originally Posted By: totegoat
I had a property loan. The holder gave me a chance to buy the loan at a discount before he sold it. Saved me some money.

I wish they had offered me that, I got a letter saying that they might have taken less than the note value, what the...

 

[99Saturn]

Originally Posted By: Doog
Do what I do. My last mortgage was sold to Wells Fargo. So, I set up electronic withdraw from my checking account. So if it gets fubared...it's them or the bank. Plus, there is an electronic record of all payments.

I also registered my account online at the WF website so I can track everything on line.


Only issue I've had with WF is timely payment of taxes from our escrow, they've never missed a payment, but I make it a point to call a couple of days before the month closes to ask them when it will be paid/ask them why it hasn't been paid. On more than one occasion I've called back and had to argue with them to get them to make the payment because they will say they haven't received a bill from the village, town, etc.