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Mortgage Keeps Getting Sold

D

DeadByDawn

Platinum Member
My wife and I built a house back in 2003. Built it land included for about 128K. It appraised for about 155K or so, and has probably gone up to about 160K maybe. 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. No big deal. They sold it to Sun Trust.

Then ~ 1.5 years later SunTrust sold it to ABN-Amro. That was sort of a pain because they made me switch in the insurance and SunTrust held onto a house payment longer than they should have.

Now I just got a letter in the mail saying that ABN sold my mortage to Citi.

😕

I don't think it's relevant but we have perfect credit and have never had a late payment ever.
 
This has nothing to do with your credit, you used a borrower who sells most of their loans. Your comment about having to change insurance is strange, it sounds like something wasn't setup properly the first go around as a loan sale should only really effect where you send the payment. With the Citi sale, it should be the same thing, a new address for your payment and thats all...
 
The only issue I see here is that ABN AMRO couldn't have made you switch your insurance unless your carrier had a poor financial rating.
 
Pretty much all mortgages end up with one of the Big Three mortgage companies eventually. It shouldn't have any affect on the actual mortage, payments, rate, etc since that's not allowed.
 
Originally posted by: Capt Caveman
Your mortgage being sold has nothing to do with you.
Click to expand...

Yes, it does. It screws up your automatic payment system, and you can often end up with a bank with crappy customer service.

In my case, Countrywide tried to screw me over with lousy interest rate on their mortgage offer, so I went to a different mortgage from another bank. Who did that bank sell my mortgage to? You guessed it, Countrywide :|
 
Originally posted by: ultimatebob
Originally posted by: Capt Caveman
Your mortgage being sold has nothing to do with you.
Click to expand...

Yes, it does. It screws up your automatic payment system, and you can often end up with a bank with crappy customer service.

In my case, Countrywide tried to screw me over with lousy interest rate on their mortgage offer, so I went to a different mortgage from another bank. Who did that bank sell my mortgage to? You guessed it, Countrywide :|
Click to expand...

So what? The one has nothing to with the other.
 
I also have Citi. You will like where you ended up. Also, why did you not get insurance through your own provider? I got my homeowners through State Farm and that will always be a constant.
 
Originally posted by: ultimatebob
Originally posted by: Capt Caveman
Your mortgage being sold has nothing to do with you.
Click to expand...

Yes, it does. It screws up your automatic payment system, and you can often end up with a bank with crappy customer service.

In my case, Countrywide tried to screw me over with lousy interest rate on their mortgage offer, so I went to a different mortgage from another bank. Who did that bank sell my mortgage to? You guessed it, Countrywide :|
Click to expand...

It's not like they can change your interest rate now, so why does it matter?
 
Originally posted by: ultimatebob
Originally posted by: Capt Caveman
Your mortgage being sold has nothing to do with you.
Click to expand...

Yes, it does. It screws up your automatic payment system, and you can often end up with a bank with crappy customer service.

In my case, Countrywide tried to screw me over with lousy interest rate on their mortgage offer, so I went to a different mortgage from another bank. Who did that bank sell my mortgage to? You guessed it, Countrywide :|
Click to expand...

once the contract is signed... its signed... it dont matter who you send the checks to
 
Originally posted by: DeadByDawn
My wife and I built a house back in 2003. Built it land included for about 128K. It appraised for about 155K or so, and has probably gone up to about 160K maybe. 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. No big deal. They sold it to Sun Trust.

Then ~ 1.5 years later SunTrust sold it to ABN-Amro. That was sort of a pain because they made me switch in the insurance and SunTrust held onto a house payment longer than they should have.

Now I just got a letter in the mail saying that ABN sold my mortage to Citi.

😕

I don't think it's relevant but we have perfect credit and have never had a late payment ever.
Click to expand...

yeah, and?

terms of the mortage ($, interest rate, length of time, etc) stay the same.

the only change is to who the mortage payment is made out to.

How is this "The man is keeping me down"? 😕
 
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