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wtf? mortgage sold from one company to another

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I can hear the pitch now....

"look how much we can lower your payment! Boy have we really got a way to help you! Pay no mind to that small print over there, that's just routine stuff."
 
HERE is the program I was talking about. Is that a crock of sh!t or what. For the record, my credit score was over 740 when I applied, and my debt to income was low, even with my existing mortgage. These guys are crooks.

I remember too now that they are the guys that commonly send my wife checks for $6000 for an unsecured loan. The checks are real, they're unsoliceted, and have an intrest rate of 25%
 
Originally posted by: Thorny
HERE is the program I was talking about. Is that a crock of sh!t or what. For the record, my credit score was over 740 when I applied, and my debt to income was low, even with my existing mortgage. These guys are crooks.

I remember too now that they are the guys that commonly send my wife checks for $6000 for an unsecured loan. The checks are real, they're unsoliceted, and have an intrest rate of 25%
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for you with good credit its a crock but for somebody who has poor credit its a good deal for them. That type of loan rewards them for being responsible by making their payments on time with lower interest rates.
 
Originally posted by: Thorny
HERE is the program I was talking about. Is that a crock of sh!t or what. For the record, my credit score was over 740 when I applied, and my debt to income was low, even with my existing mortgage. These guys are crooks.

I remember too now that they are the guys that commonly send my wife checks for $6000 for an unsecured loan. The checks are real, they're unsoliceted, and have an intrest rate of 25%
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yeah. i heard about this type of loan (the mortgage) when my SIL was looking for a loan. she was going to do one. i can't remember what he mortgage rate was t hough. i just know it was high.


we get t hose checks from time to time. We did a small personal loan with a lending place. we paid it off on early. So every 6 months we get a check in the mail for us to deposit. Saying if we agree we will get a loan with a %20-25. sheesh the orginal loan was not even for half that!
 
Originally posted by: Citrix
Originally posted by: Thorny
HERE is the program I was talking about. Is that a crock of sh!t or what. For the record, my credit score was over 740 when I applied, and my debt to income was low, even with my existing mortgage. These guys are crooks.

I remember too now that they are the guys that commonly send my wife checks for $6000 for an unsecured loan. The checks are real, they're unsoliceted, and have an intrest rate of 25%
Click to expand...

for you with good credit its a crock but for somebody who has poor credit its a good deal for them. That type of loan rewards them for being responsible by making their payments on time with lower interest rates.
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how is a 20% interest loan on a house fair? hell even my SIL with very bad credit got one for %8 with 20% down.

 
Originally posted by: Thorny
A sold mortgage cannot be modified from the original terms. All terms and conditions will remain the same, other than the place you make your payment. I'll find the proof if need be, but the law is pretty clear on this.
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QFT!!!! However, watch your payments very carefully. A few years back when my loan was sold there was an added $10, or $20 for some kinda on line sales membership. It took me about 6 months to catch on,(auto-payment), when I called the new mortgage co. to ask about this, they said they were not affiliated with that sales membership thing, (yeah right!!). BUT, they would in the future take the overage off my payment, but could not reimburse me for the money that was already taken. To make a long story short, this incident wound up in a class action suit, and you know what that means don't you?, <insert; long silence,except for crickets chirping>.
To OP, ------CYA !!!!!
 
LMAO!! "We're in the HSBC group" - NOW, they "need" the mortgage information on the house we live in!! (They have the mortgage on the house we rent out.) I'm definitely thinking that it's refinance time - with another company.
 
Sounds like something to bring up with your state attorney general's office. They love going after scum like this to build up good PR for when they run for governor 🙂
 
Originally posted by: DrPizza
LMAO!! "We're in the HSBC group" - NOW, they "need" the mortgage information on the house we live in!! (They have the mortgage on the house we rent out.) I'm definitely thinking that it's refinance time - with another company.
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HSBC, ah yes the scum of the lending pond. I remember them doing business as HFC in the high-interest eighties, where they gouged even higher.
I won't use their online bank. I remember, and don't want to get tainted.
 
Originally posted by: DrPizza
LMAO!! "We're in the HSBC group" - NOW, they "need" the mortgage information on the house we live in!! (They have the mortgage on the house we rent out.) I'm definitely thinking that it's refinance time - with another company.
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Tell them to quit badgering you. They've got everything they need.
 
Well, my wife scheduled a meeting with them. I think I'll take along a graphing calculator and just say, "I'm a math teacher. I'm pretty good with financial equations. I downloaded a bunch of them, just in case I needed them during this meeting." Hmmm... I wonder if I can ask, "do you mind if I record this meeting? Since my finances are important to me, I'd hate to overlook anything you say." If they say no, "why? Are you going to do unethical things and don't want me to have proof?"

Grrrr, this just irks me sooooo much.
 
Beneficial randomly sends me valid checks in the mail with a true in lending statement attached to it. $5k at 29.99%, only a sucker will sign and deposit the check.

The local Beneficial offices around here look like trash. The waiting room at my local Firestone Tire store is more lavish than the inside of these offices.
 
Originally posted by: AStar617
Originally posted by: Thorny
A sold mortgage cannot be modified from the original terms. All terms and conditions will remain the same, other than the place you make your payment. I'll find the proof if need be, but the law is pretty clear on this.
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This is true... which is why they want him to bring 2 stubs etc to the "meeting"--so they can draw up what amounts to a brand-new loan.
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This is what I was going to say, legally I don't think they can do shvt
 
I don't know why you'd schedule any meeting. My answer would be "get lost". They can't unilaterally change the mortgage contract, so tell them to stop wasting your time and get lost.
 
Originally posted by: DrPizza
Well, my wife scheduled a meeting with them. I think I'll take along a graphing calculator and just say, "I'm a math teacher. I'm pretty good with financial equations. I downloaded a bunch of them, just in case I needed them during this meeting." Hmmm... I wonder if I can ask, "do you mind if I record this meeting? Since my finances are important to me, I'd hate to overlook anything you say." If they say no, "why? Are you going to do unethical things and don't want me to have proof?"

Grrrr, this just irks me sooooo much.
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Since when do you let the WOMAN get involved in the finances? See what happens! 😛
 
I wouldn't care why they want to meet, it doesn't matter if they want to sell you a refi etc, you have no reason to waste your time meeting them, and you have no obligation to provide additional documentation to them either. Why on earth would you just give some company more personal info (pay stubs, SS number etc etc) for no particular reason, just because they ask for it??? I don't think so.
 
This is actually pretty common. It was stipulated in the mortgage contract I signed for my house. They have the right to sell your mortgage. There are laws protecting the owner from any changes to that mortgage. Financial institutions can buy and sell your mortgage all they want. They can't change a thing about your rate, balance, or anything else pertaining to what you signed originally.
 
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