mortage sold

[firemachine69]

This is an interesting American aspect. In Canada we generally don't sell mortgages, if I understand correctly. Actually, I used to bank/carry my mortgage with ING Direct, which was later bought out as "Tangerine" by Scotia (one of the big five banks up here).



My mortgage is up for renewal in October, and I'm not terribly impressed with their offer - for those of us who were original ING customers - is that really shocking?

) Well, I suppose I could let them withdraw from my checking account with them, in exchange for a better rate (and if I were an idiot.

)

 

[KrisZ]

This is an interesting concept. My question is why does the home owner have to jump through all the hoops again when the mortgagee is sold? This should be a matter between the two lending companies.

 

[hatt]

"The borrower is slave to the lender."

 

[dareo]

Wow the google reviews on that company do not look reassuring.

 

[JustinH]

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.


No brainer, I do this with everyone I pay. I use online bill pay.

The bank provides records that they received the check and when they received it.

 

[stockrex]

Originally Posted By: hatt
"The borrower is slave to the lender."


more like a ISIS sex slave :-(

 

[stockrex]

Originally Posted By: dareo
Wow the google reviews on that company do not look reassuring.


yeap, I am quite concerned, I have perfect credit 800+,
Time to call local bank to refi if rates are lower.

 

[hatt]

I wouldn't worry about it unless something pops up. Send them payments on time. Keep records of payments. If you can refi to save money you should refi. I wouldn't do it just because of this. The new loan would probably be sold to the same company.

 

[bmwpowere36m3]

3 yrs in, mine is still serviced by WF... automatic payments, escrow, let them worry about it. Still get paper statements for records.

 

[99Saturn]

Just my 2 cents, there is no way I would refi because of bad reviews on google. When you posted the thread I saw 59 negative reviews. How many mortgages does this place service? Who leaves a positive review of their mortgage servicer?

Don't make a costly decision if the math doesn't make sense. If it does make sense financially to refinance, make sure you're confident the rates are good versus just trying to fix a "problem" that is now a fire drill.

Last thought, no guarantee you refi and your mortgage doesn't get sole again.

 

[supton]

Call the local banks and see what they are offering. We refi'd five years ago and it hasn't been resold. Not to say it won't, but it hasn't. Can't hurt to look, maybe you'll even save money over the long run.

But I'd try it for a bit. Maybe it'll work just fine.

I had a vehicle loan sold, and we hated the bank it went to. Lousy online service. Was great incentive to pay off early.

 

[TWG1572]

Originally Posted By: 99Saturn
Just my 2 cents, there is no way I would refi because of bad reviews on google. When you posted the thread I saw 59 negative reviews. How many mortgages does this place service? Who leaves a positive review of their mortgage servicer?

Don't make a costly decision if the math doesn't make sense. If it does make sense financially to refinance, make sure you're confident the rates are good versus just trying to fix a "problem" that is now a fire drill.

Last thought, no guarantee you refi and your mortgage doesn't get sole again.


+1. This seems to be much ado about nothing. Mortgages get sold everyday. No one is ever going to post a good review about a mortgage company, ever. We had a mortgage with Dovenmuhle and it was a perfectly normal experience - nothing bad, everything worked like I expected. Ironically, our local Credit Union sold that mortgage to them. So, I wouldn't take a lot of solace in going with someone local or a CU unless they are guaranteeing no sales of loans.

 

[Andrew1972]

In 20 years of ownership and mortgages sold 4 times I never had a hiccup.

Don't fret!

 

[stockrex]

I agree that it does not matter which bank I refi with, they might resell my note.

I have had my note sold, resold, reresold in the past but it was from small bank to large bank.
Just had to reset up auto pay and voila.

I just don't get a good vibe with from these guys :-(

 

[mrsilv04]

Is it possible to get a month ahead on your payment? Then, there should be plenty of time to fall back on, if something gets screwed up.