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Thread: Mortgage Lender Switch?

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    goldilockz's Avatar
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    #1

    Mortgage Lender Switch?

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    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?
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    #2
    Yes. Mortgage companies sell mortgages all the time.

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    #3
    They have to honor your original terms.

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    #4
    That happened to us about 1 or 2 months after we bought the house. Everything has stayed the same.
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    #5
    That just happened to us too, pissed me off since they specifically told me it wouldn't happen.
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    #6
    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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    #7
    We were told before we even signed the loan papers that our loan would be sold probably several different times. Its normal.
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    #8
    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.
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    #9
    Ours was sold to a different company about a month after moving in.
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    #10
    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...
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