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Mortgage Sold

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angryalligator Joined: 26 Oct 2009 Posts: 2 1.43 Dollars($)	Posted: Mon Oct 26, 2009 4:58 pm    Post subject: Mortgage Sold Like 0 Dislike 0 If my mortgage is sold to another bank, is there a transition period for me to make payments to the new bank? I've heard you have up to 60 days to make the payment, but I want to be sure.
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12330 Location: bloomfield, ct 50.03 Dollars($)	Posted: Mon Oct 26, 2009 6:49 pm    Post subject: Like 0 Dislike 0 go back and read your promissory note, and you'll notice that there is a payment due on the first (usually) day of every month. there's no such thing as a 60 day transition period. who in the world would be in transition? _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12330 Location: bloomfield, ct 50.03 Dollars($)	Posted: Mon Oct 26, 2009 6:50 pm    Post subject: Like 0 Dislike 0 a little more... in that scenario, if your loan was transferred often (say every 2 months), you'd end up paying 6 payments in a 12 month period. not only would that be frightful but it would be absurd. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044
Mike Dillon Guest	Posted: Mon Oct 26, 2009 8:55 pm    Post subject: Like 0 Dislike 0 George, I think what Gator may be referring to is Section 6 of RESPA which governs the transference of SERVICING RIGHTS as opposed to the sale of the note. If I'm correct in my assumption and if I remember correctly, Section 6 provides for a 60 day window from the date of servicing transfer during which a borrower should not be penalized or charged any late fees associated with payments, etc. not arriving at their appropriate destinations. This is to help ensure that borrowers aren't penalized for any mistakes that the servicers may make while transferring the borrowers information. Of course, not all servicers abide by this rule... Gator, you should also be aware of the "Hello/goodbye" letter time frame as well. You should receive either a "goodbye" letter from your old servicer and a "hello" letter from your new one OR a combination "hello/goodbye" from both in the same letter. Either way, you should receive that notification a MINIMUM of 15 days before the servicing rights to your loan are transferred.
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12330 Location: bloomfield, ct 50.03 Dollars($)	Posted: Tue Oct 27, 2009 8:17 am    Post subject: Like 0 Dislike 0 thanks, mike. that makes sense to me, too. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044
angryalligator Joined: 26 Oct 2009 Posts: 2 1.43 Dollars($)	Posted: Tue Oct 27, 2009 6:46 pm    Post subject: Like 0 Dislike 0 Mike, that is exactly what I was meaning. Thank you!

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