In fact it is a very common thing. Why do the banks keep selling my loans.
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Having your mortgage sold after closing your home loan is pretty common.
Home loan keeps getting sold. You have been in your home less than 5 years and your loan has already been transferred 3 times. It helps to keep interest rates competitive it spurs the economy and in all actuality its not very likely to lead to any problems. But there are some things to be aware of when dealing with a new lender.
Where this process can get confusing is that neither the company that originated your loan nor the servicer may actually own your loan. Other items to keep in mind. Our initial loan was through a local bank and in the paperwork they gave us initially it said they sold 90 of all the home loans they give out.
A notice arrives from your mortgage company saying they are selling your loan to another company. What to do when your mortgage is sold. You havent done anything wrong.
Today the majority of home loans are guaranteed or issued by fannie mae freddie mac or the fha government chartered companies that purchase loans from lenders to free up money so they can then lend to. Hearing that your mortgage has been sold can be stressful but dont worry too much. Much as we might think that financial institutions have countless amounts of cash on hand the truth is that lenders needs to keep a large enough pool of money on hand in.
Then 15 years later suntrust sold it to abn amro. And that means lenders handle your home loan much more differently than you might. It appraised for about 155k or so and has probably gone up to about 160k maybe.
The bottom line is that your mortgage is likely to be sold. They sold it to sun trust. Why was my mortgage sold to another company.
When a loan gets sold the lender has basically sold servicing rights to the loan which clears up credit lines and enables the lender to lend money to the other borrowers. Lower your payments and avoid foreclosure. Well explain your rights as a borrower when your mortgage was sold.
My loan keeps getting sold. The truth is that. How to get a loan for a manufactured home.
Here are the key things to know if your. You probably already encountered the situation. Having your mortgage sold to another bank or company is not the end of the world.
Mortgage companies rarely keep the loans they fund very long so it is likely that your mortgage may be sold at least once during the loans lifetime. One day you may get a letter in the mail that says your mortgage has been sold.
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