Mortgage Lender Switch? - Home Sweet Home

~~goldilockz~~ · 08-05-2008, 11:07 AM

I got notified by mail that my mortgage lender isn't my mortgage lender anymore, and that I will be making my payments to CitiMortgage.

Is that normal?

Ellen · 08-05-2008, 11:07 AM

Yes. Mortgage companies sell mortgages all the time.

Ellen · 08-05-2008, 11:08 AM

They have to honor your original terms.

BLBnJVB3 · 08-05-2008, 11:11 AM

That happened to us about 1 or 2 months after we bought the house. Everything has stayed the same.

Theresa · 08-05-2008, 11:12 AM

That just happened to us too, pissed me off since they specifically told me it wouldn't happen.

TamChronin · 08-05-2008, 11:12 AM

Yeah. I had a house for about five years and had four mortgage companies. It's pretty typical, and all you have to worry about is changing the address where you send your checks or who you call if something goes wrong.

Heather · 08-05-2008, 11:19 AM

We were told before we even signed the loan papers that our loan would be sold probably several different times. Its normal.

mpicky · 08-05-2008, 11:37 AM

Yes, normal. What you need to make sure is that your new company reports all your timely payments to the credit bureaus. I had an issue with that after mine was sold.

proudnvywife01 · 08-05-2008, 11:38 AM

Ours was sold to a different company about a month after moving in.

ChewiesBaby · 08-05-2008, 11:39 AM

Yeah, normal and sucks... I was hoping that my local bank wouldn't sell it but they did. It's been sold twice since we bought three years ago...

08-05-2008, 11:07 AM	#1 (permalink)
~~goldilockz~~ Banned Join Date: Feb 2007 Posts: 25,823 Classifieds: (0) Activity: 0% Longevity: 47%	Mortgage Lender Switch? I got notified by mail that my mortgage lender isn't my mortgage lender anymore, and that I will be making my payments to CitiMortgage. Is that normal?

08-05-2008, 11:07 AM	#2 (permalink)
Ellen Loving Life! Join Date: Feb 2006 Posts: 21,995 Blog Entries: 4 Classifieds: (2) Activity: 5% Longevity: 64%	Yes. Mortgage companies sell mortgages all the time. __________________ My Guys!!

08-05-2008, 11:08 AM	#3 (permalink)
Ellen Loving Life! Join Date: Feb 2006 Posts: 21,995 Blog Entries: 4 Classifieds: (2) Activity: 5% Longevity: 64%	They have to honor your original terms. __________________ My Guys!!

08-05-2008, 11:11 AM	#4 (permalink)
BLBnJVB3 Senior Member Join Date: Feb 2006 Location: Virginia Beach Posts: 7,345 Classifieds: (0) Activity: 14% Longevity: 64%	That happened to us about 1 or 2 months after we bought the house. Everything has stayed the same. __________________ September 16, 2009 We made it!!!!

08-05-2008, 11:12 AM	#6 (permalink)
TamChronin surly curmudgeon Join Date: Jun 2008 Location: Goodyear, AZ Posts: 970 Classifieds: (0) Activity: 0% Longevity: 23%	Yeah. I had a house for about five years and had four mortgage companies. It's pretty typical, and all you have to worry about is changing the address where you send your checks or who you call if something goes wrong. __________________ When you can't run anymore, you crawl, and when you can't do that, well… Yeah, you know the rest.

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08-05-2008, 11:12 AM	#5 (permalink)
Theresa Cookie Queen Join Date: Nov 2007 Posts: 11,193 Classifieds: (7) Activity: 0% Longevity: 34%	That just happened to us too, pissed me off since they specifically told me it wouldn't happen.

08-05-2008, 11:19 AM	#7 (permalink)
Heather Senior Member Join Date: Dec 2005 Location: My little house on the prairie Posts: 18,599 Classifieds: (1) Activity: 42% Longevity: 66%	We were told before we even signed the loan papers that our loan would be sold probably several different times. Its normal.

08-05-2008, 11:37 AM	#8 (permalink)
mpicky Senior Member Join Date: Oct 2007 Posts: 7,261 Classifieds: (3) Activity: 69% Longevity: 36%	Yes, normal. What you need to make sure is that your new company reports all your timely payments to the credit bureaus. I had an issue with that after mine was sold. __________________ I worship individuals for their highest possibilities as individuals, and I loathe humanity, for its failures to live up to these possibilities. Visit my Online Store www.melsclay.etsy.com

08-05-2008, 11:38 AM	#9 (permalink)
proudnvywife01 Senior Member Join Date: Jan 2008 Location: Tolleson,Az Posts: 2,156 Classifieds: (0) Activity: 0% Longevity: 31%	Ours was sold to a different company about a month after moving in. __________________

08-05-2008, 11:39 AM	#10 (permalink)
ChewiesBaby Senior Member Join Date: Dec 2005 Location: Hometown Posts: 4,139 Blog Entries: 1 Classifieds: (0) Activity: 0% Longevity: 67%	Yeah, normal and sucks... I was hoping that my local bank wouldn't sell it but they did. It's been sold twice since we bought three years ago... __________________